Philip Morris International (PMI) is taking action to tackle the climate change crisis by accelerating its path to carbon neutrality, according to a company press release.

PMI has released its Low Carbon Transition Plan (LCTP), which provides a transparent and detailed view on how the company plans to achieve its climate ambitions, measure success, and report on progress. The plan shows PMI’s ambition to achieve carbon neutrality across its entire value chain by 2040 and introduces a new goal for PMI’s critical suppliers to adopt science-based targets (SBTs) in line with the SBTs that PMI has already committed to, aligned with the 1.5°C pathway necessary to meet the goals of the Paris Agreement, according to the press release.
PMI is taking a three-step approach to achieve its emissions targets. Firstly, reducing consumption and optimizing efficiency to cut greenhouse gas emissions, secondly, minimizing the use of fossil fuels and promoting the switch to renewable energy, and thirdly, compensating unavoidable emissions by prioritizing insetting projects (nature-based solutions) and purchasing high-quality carbon credits.
Moving forward, the company will be investing in nature-based solutions and has created its Portfolio of Climate Investments (PCI), which will provide transparency in the activities necessary to further the company’s decarbonisation efforts, according to the press release. Furthermore, PMI recognises the need for social and environmental connectivity and has commissioned Article One to prepare a briefing paper, entitled: “Climate Justice in Global Supply Chains: A Perspective for the Private Sector.” The paper will discuss the connectivity between environmental and social issues, drawn from the impacts of climate change, as well as the ability to shape solutions that are mutually reinforcing.
“By presenting our low-carbon transformation strategy, we hope to encourage change and foster engagement with investors and other stakeholders who will be able to evaluate whether our company is appropriately adapting its business model for success in a net-zero carbon economy,” said Jennifer Motles, Chief Sustainability Officer. “The LCTP showcases how our targets are underpinned by detailed operational measures and a solid business strategy, which are vital to translate ambition into action, achievement, and impact, and most important, the only way to safeguard the sustainability of our business and to help contribute to wider societal action.”