As a global business it is important that we take action on a global scale. Here are some of the commitments and actions we have taken to lead the way in sustainability in the pharmaceutical industry.
Race to Zero
In 2021 we signed the Business Ambition for 1.5°C - and in doing so joined the United Nations ‘Race to Zero’ - the largest alliance committed to halving emissions by 2030 and achieving net zero carbon emissions by 2050 at the latest, in line with the Paris Agreement.1
Pfizer’s Sustainability Bond
We were the first biopharmaceutical company to issue a Sustainability Bond ($1 billion+), the proceeds of which are earmarked for environmental and social initiatives. Proceeds are being allocated to enhance our ability to reach more women and children in low-income countries, address antimicrobial resistance, strengthen health care infrastructure, and help manage our environmental impact.
Caring for Climate
Signatory of UN Global Compact 'Caring for Climate' a formal commitment to take practical actions to implement climate change solutions and help shape public policy.
Strategy & Risks
Pfizer has identified climate-related risks that have the potential to have a strategic impact on our business, including:
- Increases in operating costs due to the introduction of carbon pricing/taxation schemes (short and medium term).
- Reduced revenue and potential impact on the supply of medically necessary products resulting from disruption caused by climate-related severe weather events (short, medium and long term).
- Potential impacts to reputation if Pfizer falls short of stakeholder expectations (short, medium and long term).
Improving operational efficiency
We have implemented business continuity programs designed to ensure our physical operations and supply chains are taking steps to mitigate the risk and potential impact of interruption. We have identified and leveraged opportunities to progress projects that improve operational efficiency and we engage with stakeholders to explore markets for environmentally preferable products.
Pfizer has completed an assessment of physical risk for all our manufacturing facilities and for over 5,000 of our suppliers using climate modelling scenarios predicting temperature increases ranging from 0.2°C to 3°C. For our internal manufacturing sites, the output of this analysis supports decisions related to business continuity and recovery planning at the sites.
- UNFCCC. 'The Paris Agreement'.
- Pfizer Environmental, Social & Governance Report 2020.