STAMFORD, CT–(BUSINESS WIRE)–Philip Morris International Inc. (PMI) (NYSE: PM) has ranked first in Forbes’ 2024 Net Zero Leaders ranking,1 which highlights the 100 U.S. public companies best positioned to reduce their greenhouse gas (GHG) emissions.
Forbes used data from firms Sustainalytics and Morningstar to rank companies’ commitment to a net zero future. It also considered each company’s management structure to aid in risk assessment, governance, strategy, metrics for achieving decarbonization goals for scopes 1+2+3, as well as financial strength to withstand industry competition and economic turmoil.
“As we transform our company toward a smoke-free future, we strive to do so in the most sustainable way possible, including by leading in decarbonization,” said Jacek Olczak, Chief Executive Officer of PMI. “We are honored to be recognized by Forbes as the highest-ranked company among businesses at the forefront of working toward net zero.”
“Our approach to sustainability goes beyond minimizing negative externalities and mitigating risks. Deeply connected to our transformation strategy, sustainability has always been intended to embody a profound opportunity for innovation, growth, and long-term value creation,” explained Jennifer Motles, Chief Sustainability Officer at PMI. “Our dedication reflects our response to the concerns of our shareholders and other stakeholders alike, and our climate strategy aims to address pertinent climate change-related risks and build resilience while seizing opportunities presented by a low-carbon future.”
“We thank Forbes for its recognition of our efforts to tackle climate change as we remain steadfast in our commitment to accelerating progress toward a net zero future,” said Scott Coutts, Senior Vice President, Operations, at PMI. “Reducing our scope 3 emissions will continue to be a priority. Our efforts will remain focused on reducing GHG emissions from our value chain as we continue progressing toward our SBTi-validated target to reach net zero emissions for scopes 1+2+3 by 2040.”
This distinction complements growing external recognition of PMI’s sustainability performance and reporting, including:
- Inclusion in CDP’s Supplier Engagement Leader Board for the seventh year (announced March 2024)
- Achievement of CDP’s Triple A rating for the fourth consecutive year—placing PMI among the world’s leading companies in environmental transparency and action (announced February 2024)
- Early Adopter of the Taskforce on Nature-related Financial Disclosures (TNFD) framework (as of January 2024)
- Inclusion in the Dow Jones Sustainability World Index (DJSI) for the first time and the Dow Jones Sustainability North America Composite Index for the fourth consecutive year (index inclusion effective as of Dec. 18, 2023), in addition to being awarded “Prime” status in the ISS ESG Corporate Rating (ISS ESG Rating as of Nov. 21, 2023)
- Validation from the Science Based Targets initiative (SBTi) on its Forest, Land, and Agriculture (FLAG) emissions reduction targets, making PMI one of very few companies to achieve this recognition (as of August 2023)
Please visit pmi.com/sustainability to learn more about sustainability at PMI and for access to additional sustainability resources, including PMI’s Integrated Report 2023, TCFD Report, Preserve Nature Report, Reduce Post-Consumer Waste Strategy Report, Sustainability Materiality Report, and Low-Carbon Transition Plan.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested over $12.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s IQOS devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products. As of December 31, 2023, PMI’s smoke-free products were available for sale in 84 markets, and PMI estimates that approximately 33 million adults around the world use PMI’s smoke-free products. Smoke-free business accounted for approximately 37% of PMI’s total full-year 2023 net revenues. With a strong foundation and significant expertise in life sciences, PMI announced in February 2021 its ambition to expand into wellness and healthcare areas and, through its Vectura Fertin Pharma business, aims to enhance life through the delivery of seamless health experiences. For more information, please visit www.pmi.com and www.pmiscience.com.
