Sandoz signs Science Based Targets Initiative (SBTi) Commitment Letter

Wed, Mar 13, 2024

Sandoz today announces the formal submission of a Commitment Letter to the Science Based Targets Initiative (SBTi). The Commitment Letter confirms our intent to set science-based carbon emission reduction targets, in line with the Paris Agreement Goals to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

SBTi is a partnership between CDP, the UN Global Compact, World Resources Institute, and the Worldwide Fund for Nature (WWF) that drives ambitious climate action in the private sector by enabling organizations to set and validate science-based emission reduction targets. Companies that submit targets to SBTi are committed to participating in the transition to a net-zero economy by 2050.

In line with the strategy approved by the Sandoz Board of Directors, we will use the next 24 months to validate our baseline carbon emissions and develop an ambitious plan to reduce Scope 1, Scope 2, and Scope 3 emissions. We have committed to submit our plan by the end of January 2026 for SBTi’s validation. We intend to set decarbonization targets for 2030 and 2035 respectively, and we plan to report annually on our progress. Our interim targets will advance our commitment to work to achieve Net Zero emissions by 2050.

This commitment builds on the sustainability progress Sandoz made as a division of Novartis ahead of the spin-off last October. In the last five years, we decreased greenhouse gas emissions by 49%, primarily through identifying energy efficiencies and new manufacturing technologies. As a standalone company we now intend to further strengthen our commitment to Net Zero emissions.

Richard Saynor, CEO Sandoz said: “As a standalone company, we want to operate in a way that creates value for all our stakeholders. Our Vision to be the world’s leading and most valued generics and biosimilars company also extends to a commitment to be leading in sustainability. Focusing on how we can reduce our carbon footprint is an important part of this work.”

At Sandoz, we have a clear Purpose: pioneering access for patients. We support that work through strong corporate governance practices, by making Sandoz a great place to work, and by focusing on sustainable operations. Beyond decarbonization, Sandoz environmental commitments include a focus on responsible water and waste management, improvements in packaging and materials, and engagement with suppliers to encourage ESG best practices. More information about our commitments will be provided in our annual report, to be published in the first quarter of 2024.

Article source: www.sandoz.com
Published: 29.01.24