Inside Pfizer’s Report on Climate Change Linked Healthcare

Climate change is increasingly recognised as a risk to global health systems, supply chains and access to essential medicines. 

For a global biopharmaceutical company, the impacts of extreme weather, resource scarcity and rising emissions present both operational challenges and societal responsibilities. 

Pfizer recognises that climate action needs to be a strategic priority, embedding sustainability into its operations, financing and product development.

Climate science for emissions reduction

Pfizer has a long history of climate action, having set its first formal GHG reduction target in 2001.

Between 2001 and 2020, the company reduced its GHG emissions by more than 60%, demonstrating sustained progress across multiple goal periods.

In 2015, Pfizer became one of the first companies to have its emissions reduction targets validated by the Science Based Targets initiative.

Building on this foundation, Pfizer committed in 2022 to achieving the voluntary Net-Zero Standard by 2040, ten years earlier than required by the standard.

This commitment aligns the company’s climate strategy with the recommendations of the Intergovernmental Panel on Climate Change.

“We’ve strengthened our foundation, advanced our R&D pipeline and positioned our company for sustainable growth in the post-loss of exclusivity period," says Albert Bourla, CEO of Pfizer.

"We’re focused on serving patients with innovative medicines and vaccines while creating long-term value for our shareholders.” 

Addressing emissions

Pfizer aims to reduce its direct and energy-related emissions by 46% by 2030 from a 2019 baseline, progressing towards a 95% reduction by 2040.

A key component of this transition includes procuring 100% of electricity from renewable sources by 2030.

Recognising that approximately 80% of its GHG footprint sits within its value chain, the company has prioritised action on Scope 3 emissions.

Pfizer is working to reduce value chain emissions by 90% by 2040, with near-term targets focused on suppliers, logistics and business travel.

By 2025, the company aims for 64% of its suppliers to set science-based emissions reduction targets.

Financing sustainability

In 2020, Pfizer issued a US$1.25bn sustainability bond, the first of its kind within the biopharmaceutical sector, to support environmental and social initiatives.

Proceeds from the bond are being used to manage environmental impacts, strengthen healthcare systems and expand access to medicines and vaccines, particularly for underserved populations.

The bond framework was assessed by Sustainalytics as credible, impactful and aligned with leading international sustainability bond principles.

Pfizer has since continued this approach, issuing a further US$1bn sustainability bond in 2021 to help fund Covid-19 vaccine expenses.

Alongside sustainable finance, the company has established robust climate risk assessments and business continuity programmes to protect facilities and safeguard supply chains against increasing climate-related disruptions.

Global health outcomes

Pfizer is working to reduce the environmental impact of its medicines across their full lifecycle, from manufacturing through to distribution.

This includes addressing GHG emissions, water scarcity and discharge and the elimination of substances of environmental concern.

The company is also integrating circular economy principles and green chemistry and biotechnology into its processes to improve resource efficiency.

By developing sustainable medicines criteria, Pfizer aims to demonstrate the social and environmental value of its products while improving transparency and accountability.

As climate change increasingly affects global health, Pfizer is also expanding access to medicines and vaccines, particularly in communities disproportionately impacted by climate-related risks.