• June 19, 2024

PMI Gets Science-Based Targets Validation

 PMI Gets Science-Based Targets Validation

Image: metamorworks

Image: metamorworks

The Science Based Targets initiative (SBTi) has verified Philip Morris International’s Forest, Land and Agriculture (FLAG) emissions reductions targets.

According to the Science Based Targets initiative, “SBTi’s FLAG guidance provides the world’s first standard method for companies in land-intensive sectors to set science-based targets that include land-based emission reductions and removals. The guidance enables companies to reduce the 22 percent of global greenhouse gas emissions from agriculture, forestry and other land use.”

PMI maintains its science-based target to reach net-zero emissions for scopes 1, 2 and 3 by 2040, which was validated by SBTi in July 2022. As part of its ongoing net-zero commitment, PMI has now pledged to reduce absolute scope 3 emissions related to forestry, land and agriculture by 33.3 percent by 2030 in line with SBTi best practice. PMI aspires to reduce all other scope 3 emissions by 27.5 percent within the same timeframe. PMI’s 2040 net-zero target remains in line with a 1.5-degree scenario, aligned with leading edge target-setters across business industries. PMI outlines comprehensive plans to achieving net-zero by 2040 in its Low-Carbon Transition Plan.

“We renew and continue our effort to direct our activities toward decarbonizing our value chain and are committed to aligning our work with relevant updates on international methodologies, such as the Science Based Targets for Nature (SBTN) and guidance from the SBTi on forest, land, and agriculture science-based targets,” said Scott Coutts, senior vice president of operations at PMI.

“The SBTi’s science-based targets on forestry, land use, and agriculture will become the gold standard for companies within the agricultural sector to accelerate emissions reductions, and we are pleased to be early adopters,” said Jennifer Motles, chief sustainability officer at PMI. “The SBTi’s validation demonstrates that our targets are rooted in science and aligned with the Paris Climate Agreement’s goal to keep global warming to the 1.5 degrees Celsius threshold that is considered the limit beyond which climate-related impacts will be catastrophic.”

The Science Based Targets initiative is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature and is one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.