The voluntary Net-Zero Standard asks organizations to reduce emissions to near-zero levels by 2050 and neutralize any residual emissions.
Pfizer (NYSE:PFE) has announced its intent to meet that benchmark by 2040.
Pfizer intends to reduce its Greenhouse Gas (GHG) emissions by 95% and its value chain emissions by 90% from 2019 levels by 2040. To reach that goal, the company plans to reduce its reliance on fossil fuels and work with similarly-minded suppliers. It also plans to invest in a fleet of hybrid and electric vehicles.
The Net-Zero Standard was first announced by the Science-Based Targets initiative (SBTi).
Other pharma companies that have vowed to comply with the standard include AstraZeneca (LON:AZN), Bayer (OTCMKTS:BAYRY), Biogen (Nasdaq:BIIB), GSK (NYSE:GSK), Johnson & Johnson (NYSE:JNJ), Novartis (NYSE:NVS) and Sanofi (EPA:SAN).
Pfizer notes that its work to comply with the standard is part of its Environmental, Social and Governance (ESG) priorities.
Pfizer also announced that it had signed a voluntary U.S. Department of Health & Human Services (HHS) commitment to cut GHG emissions and accelerate climate action.
In 2020, Pfizer unveiled an initiative to become carbon neutral across internal operations by 2030.
“The window is closing to minimize the potentially catastrophic impact of climate change, which affects the health of our planet and that of people around the world,” said Pfizer CEO Albert Bourla in a news release. “With urgency of action increasing, we firmly believe that our commitment to accelerate decarbonization of our value chain and achieve the Net-Zero standard – which aligns with Pfizer’s purpose and ESG priorities – can help drive positive change and build a healthier, more sustainable world.”