Building on our legacy of ambitious climate action goals, Pfizer is committing to achieve Net Zero across our value chain by 2040.
Net Zero is the point at which the Greenhouse Gas (GHG) emissions added to the atmosphere are no more than the amount removed. For Pfizer, this builds on already ambitious actions, accelerating efforts to decarbonise through transition away from fossil fuel and engaging our suppliers to take equivalent action.
Our recent goals, established in late 2020, set us on a trajectory to be carbon neutral across our internal operations by 2030, and to encourage our suppliers to take action, targeting 64% of our suppliers by spend to have set climate goals by 2025. At the time of setting, this was recognised as very ambitious, as demonstrated by 3rd party approval by the Science Based Targets initiative (SBTi).
A new voluntary Net Zero Standard was launched in late 2021 in the lead up to the UN Conference of the Parties (COP26) - the 197 nations that agreed to the UN Framework Convention on Climate Change in 1992.2 This new standard requires long term action to reduce company emissions by 95% and value chain emissions by 90% no later than 2050. It is a welcome common taxonomy and set of expectations for all stakeholders.
We are aiming to achieve Net Zero by 2040, ten years earlier than the expectations of the standard.
We remain committed to reducing our GHG by 46% by 2030 as an interim milestone on our longer term strategy to reduce Pfizer’s emissions by 95% by 2040. In addition, through our new goal we intend to deliver 90% reduction in emissions across our value chain.
Greenhouse gas emissions associated with Pfizer's value chain are more than four times the company emissions
We are working closely with the suppliers in our value chain. Our collective efforts so far have led to: