Philip Morris International Inc. (PMI) has released its first-ever TCFD Report to respond to the implementation guidance of the Task Force on Climate-related Financial Disclosures (TCFD).

The report’s findings were informed by a structured Climate Change Risk and Opportunity (CCRO) assessment that PMI conducted in 2022, with guidance from an external expert organization and in line with TCFD’s recommendations, to identify relevant climate-related risks and opportunities, PMI said in a press release.
“Stakeholder expectations of businesses are shifting, and regulatory developments are moving forward at pace,” explained Emmanuel Babeau, Chief Financial Officer. “Companies are expected to demonstrate commendable behavior and transparency, providing trustworthy information on their impacts along the value chain and meeting mandatory reporting requirements in a range of jurisdictions. Accordingly, PMI continues to promote transparency by reporting against the most relevant and widely used sustainability standards.”
“For a business like ours—with a diversified agricultural supply chain that is sensitive to climate change—abrupt climate variations can endanger physical infrastructure and supply chains,” said Scott Coutts, Senior Vice President, Operations. “However, addressing the global challenge of climate change also presents opportunities. To realize these opportunities, PMI, alongside many of our suppliers, is working within a global context which is aiming to stabilize the global temperature rise to below the internationally agreed 1.5°C scenario. We understand the potential impacts of climate change across all areas of our operations, particularly upstream in our supply chain.”
PMI has been a supporter of the TCFD since 2021. In recent years, various elements of the company’s publicly available disclosure—such as its annual Integrated Report, CDP Climate disclosure, or annual report on Form10-K—already aligned with much of TCFD’s recommendations. Building on its CCRO assessment completed in 2022, the TCFD Report now compiles relevant information in one place and will continue to strengthen the company’s capacity to mitigate climate-related risks, says PMI.
“We are proud to publish this report, which presents how we are implementing TCFD’s recommendations. It outlines the progress made to date toward our goal of incorporating climate-related risk and opportunity identification and management into our overall business strategy and disclosure efforts,” said Jennifer Motles, Chief Sustainability Officer. “It complements our Low-Carbon Transition Plan, published in 2021, which provides a transparent and detailed view on how we plan to achieve our climate ambitions, measure success, and report on progress, as we adapt our business model to succeed in a net-zero carbon economy.”

Find the report here