Philip Morris International Tops Forbes’ 2024 Net Zero Leaders List

Philip Morris International Inc. (PMI) (NYSE: PM) has ranked first in Forbes’ 2024 Net Zero Leaders ranking, which highlights the 100 U.S. public companies best positioned to reduce their greenhouse gas (GHG) emissions.

Forbes used data from firms Sustainalytics and Morningstar to rank companies’ commitment to a net zero future. It also considered each company’s management structure to aid in risk assessment, governance, strategy, metrics for achieving decarbonisation goals for scopes 1+2+3, as well as financial strength to withstand industry competition and economic turmoil.

PMI’s Chief Executive Officer Jacek Olczak stated, “As we transform our company toward a smoke-free future, we strive to do so in the most sustainable way possible, including by leading in decarbonisation. We are honored to be recognised by Forbes as the highest-ranked company among businesses at the forefront of working toward net zero.”

“Our approach to sustainability goes beyond minimising negative externalities and mitigating risks. Deeply connected to our transformation strategy, sustainability has always been intended to embody a profound opportunity for innovation, growth, and long-term value creation,” explained Jennifer Motles, Chief Sustainability Officer at PMI.

Naeem Shahab Khan, Managing Director of Philip Morris Malaysia said, “We are acutely aware that we can only achieve our purpose of delivering a sustainable smoke-free future by embedding and prioritising sustainability in every aspect of our business. Our sustainability initiatives in Malaysia are multifaceted and highlight our commitment to environmental and social responsibilities, including our climate strategy which addresses pertinent climate change-related risks, builds resilience, and seizes opportunities presented by a low-carbon future.”

“In Malaysia, we have embarked on several pivotal initiatives towards sustainability. For instance, we moved our headquarters to an award-winning, high-performing green building that optimises energy and water efficiency. Additionally, last year, we launched a Circular Programme aimed at providing consumers with easy and convenient solutions to collect and return their end-of-life devices. Through this initiative, we have diverted a substantial number of devices from becoming waste, contributing to a more sustainable future,” added Naeem.

Meanwhile, Scott Coutts, Senior Vice President, Operations, at PMI said, “We thank Forbes for its recognition of our efforts to tackle climate change as we remain steadfast in our commitment to accelerating progress toward a net zero future. Reducing our scope 3 emissions will continue to be a priority. Our efforts will remain focused on reducing GHG emissions from our value chain as we continue progressing toward our SBTi-validated target to reach net zero emissions for scopes 1+2+3 by 2040.”

This distinction complements growing external recognition of PMI’s sustainability performance and reporting, including:

• Inclusion in CDP’s Supplier Engagement Leader Board for the seventh year (announced March 2024)
• Achievement of CDP’s Triple A rating for the fourth consecutive year—placing PMI among the world’s leading companies in environmental transparency and action (announced February 2024)
• Early Adopter of the Taskforce on Nature-related Financial Disclosures (TNFD) framework (as of January 2024)
• Inclusion in the Dow Jones Sustainability World Index (DJSI) for the first time and the Dow Jones Sustainability North America Composite Index for the fourth consecutive year (index inclusion effective as of Dec. 18, 2023), in addition to being awarded “Prime” status in the ISS ESG Corporate Rating (ISS ESG Rating as of Nov. 21, 2023)
• Validation from the Science Based Targets initiative (SBTi) on its Forest, Land, and Agriculture (FLAG) emissions reduction targets, making PMI one of very few companies to achieve this recognition (as of August 2023)

Please visit pmi.com/sustainability to learn more about sustainability at PMI and for access to additional sustainability resources, including PMI’s Integrated Report 2023, TCFD Report, Preserve Nature Report, Reduce Post-Consumer Waste Strategy Report, Sustainability Materiality Report, and Low-Carbon Transition Plan.

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