Wednesday, July 24, 2024

Philip Morris International Received Fourth Consecutive CDP ‘Triple-A’ Rating for Climate, Forest, and Water

Philip Morris International (“PMI” or “Company”), the parent company of Philip Morris (Pakistan) Limited, proudly announces its receipt of a “triple-A” rating from Carbon Disclosure Project (“CDP”) for the fourth consecutive year, for its disclosure on climate change, forest and water security.

The Carbon Disclosure Project (CDP) is a not-for-profit organization that runs a”” global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. This recognition places PMI among the world’s leading companies in climate change, forest conservation, and water security.

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Maintaining its position on CDP’s Climate A List for the past decade, PMI remains dedicated to transparency and performance as it progresses toward achieving its ambitious science-based targets. These targets include carbon neutrality for scope 1+2 by 2025 and net zero by 2040 for scope 1+2+3. PMI’s efforts to halt deforestation, moving to zero net deforestation in managed forests by 2030, have also been recognized by CDP, which placed the Company on its Forests A List for the fourth consecutive year. Additionally, PMI has secured its place on CDP’s Water A List for the fifth consecutive year, highlighting the Company’s ongoing commitment to water optimization targets.

“External recognition from organisations like CDP encourages us to continue our transformation journey and commitment to sustainability. Clear and transparent reporting of the progress helps PMI find new opportunities for action, identify and tackle growing risks, and get ahead of regulatory and policy changes.” Said Scott Coutts, Senior Vice President of Operations.

In addition to its CDP rating, PMI is committed to advancing the adoption of the Taskforce on Nature-related Financial Disclosures (“TNFD”) recommendations.

“We recognize the urgency to address climate change and protect biodiversity and this is why our decarbonization strategy and progress are closely tied to preserving natural ecosystems,” said Jennifer Motles, Chief Sustainability Officer. “We are proud to be an early adopter of the TNFD framework and will be reporting on it in 2025, which builds on the work we have already done to incorporate climate-related risks, and opportunities into our overall business strategy and disclosure efforts following the Taskforce on Climate related Financial Disclosures (“TCFD”) recommendations”

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Mazhar Ali Raza
Mazhar Ali Raza
Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .

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