Philip Morris International tops Forbes’ 2024 Net Zero Leaders list

FOR the second consecutive year, Philip Morris International Inc.(PMI) has ranked first in Forbes’ 2024 Net Zero Leaders ranking.

The ranking 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 decarbonisation goals for scopes 1+2+3, as well as financial strength to withstand industry competition and economic turmoil.

PMI’s chief executive officer Jacek Olczak stated, “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 decarbonisation.

“We are honoured to be recognised by Forbes as the highest-ranked company among businesses at the forefront of working toward net zero,” he added.

PMI’s chief sustainability officer Jennifer Motles, said PMI’s approach to sustainability goes beyond minimising 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,” she explained.

Philip Morris Malaysia’s managing director Naeem Shahab Khan, said the company is acutely aware that they can only achieve their purpose of delivering a sustainable smoke-free future by embedding and prioritising sustainability in every aspect of their business.

Khan said Philip Morris Malaysia has launched several sustainability initiatives as part of its commitment to environmental and social responsibilities.

“Our sustainability initiatives in Malaysia are multifaceted and highlight our commitment to environmental and social responsibilities, including our climate strategy which addresses pertinent climate change-related risks, builds resilience, and seizes opportunities

presented by a low-carbon future,” he explained.

“In Malaysia, we have embarked on several pivotal initiatives towards sustainability. For instance, we moved our headquarters to an award-winning, high-performing green building that optimises energy and water efficiency.

“Additionally, last year, we launched a circular programme aimed at providing consumers with easy and convenient solutions to collect and return their end-of-life devices,” he said, adding that the initiative diverted a substantial number of devices from becoming waste, contributing to a more sustainable future.

Meanwhile, PMI senior vice president of operations,Scott Coutts, expressed gratitude to Forbes for acknowledging PMI’s efforts in combating climate change.

“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 Science Based Targets initiative (SBTi) validated target to reach net zero emissions for scopes 1+2+3 by 2040,” said Coutts.

This distinction complements growing external recognition of PMI’s sustainability performance and reporting, including:

> Seventh consecutive inclusion in the CDP’s Supplier Engagement Leader Board and fourth consecutive CDP’s Triple A rating.

>Early adopter of the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

> First-time inclusion in the Dow Jones Sustainability World Index (DSJI) and fourth consecutive year in the Dow Jones Sustainability North America Composite Index.

> Attainment of Prime status in the Institutional Shareholder Services (ISS) ESG Corporate Rating.

> Validation from SBTi on its Forest, Land, and Agriculture (FLAG) emissions reduction targets.

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, visit pmi.com/sustainability