Sustainability at the heart of Philip Morris International’s strategy

Jacek Olczak, CEO of Philip Morris International, gave a presentation at the Chief Executives For Corporate Purpose (CEPC) Meeting at the Executive Investor Forum in New York.

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The presentation highlighted how Philip Morris International (PMI) has integrated its sustainability strategy across the company, along with its performance and progress. The PMI presentation highlighted the alignment with the CECP Long Term Integrated Plan framework to communicate the sustainable development strategy, relevant outcomes and key performance indicators.

The presentation also highlighted progress in achieving PMI’s goal and business transformation, and highlighted how it is addressing the health impact of its products by focusing resources on the development, science substantiation and responsible marketing of smoke-free products that are less harmful than smoking, with the aim of completely replacing cigarettes as soon as possible.

In addition, as this year’s Executive Investor Forum focused on climate action, PMI presented its decarbonization plan as well as its strategy for managing its environmental impact.

While science tells us that climate change is indisputable and inevitable, it also tells us that it is not too late to act,” said Jacek Olczak, CEO of PMI. “The transition to a low-carbon economy will require fundamental transformations of critical aspects of society, including how we grow our food, use land, transport goods and use energy for business purposes. The great challenge of our time is to find a way to effectively align the public and private sectors to take essential action and move away from siled approaches and objectives.

As PMI continues to transform for good, the company is committed to addressing relevant climate change risks and building resilience, while seizing the opportunities of a low-carbon future. PMI has established a science-based decarbonisation plan that covers its entire value chain. For direct emissions, PMI will achieve carbon neutrality in 2025 – five years earlier than originally stated – and for its entire value chain by 2040 – 10 years earlier than the original target.

In Romania, the Philip Morris International factory in Otopeni occupies a central place in the company’s sustainability strategy. Thus, no waste generated by the factory’s production activities is dumped at the landfill. 70% of the waste is recycled externally and 30% is used for energy production.

In 2020, the factory received Alliance for Water Stewardship certification, the highest standard for sustainable water use. In the Otopeni factory, there are two wastewater treatment plants. Every year there are afforestation actions, as well as greening of some watercourses or recreational areas. Between 2016 and 2022, 44,000 saplings were planted.

Philip Morris International: For a smoke-free future

Philip Morris International (PMI) is a leading international tobacco company that has set out to build a smoke-free future and to expand its long-term product portfolio beyond the tobacco or nicotine products sector. The company’s current product portfolio consists mainly of cigarettes and smokeless products. Since 2008, PMI has invested more than $10.5 billion to develop, scientifically substantiate and commercialize innovative smokeless products for adults who would otherwise continue to smoke, with the goal of ending the sale of cigarettes entirely. For this, world-class scientific evaluation capabilities have been built, particularly in the areas of preclinical systems toxicology, clinical and behavioral research, as well as post-marketing studies. In November 2022, PMI acquired Swedish Match – a leading marketer of oral nicotine products – and is thus at the forefront of companies fighting for a smoke-free future through its IQOS and ZYN brands. The US Food and Drug Administration (FDA) has cleared a version of PMI’s Platform 1 IQOS device and related consumables, as well as Swedish Match’s snus product, as a Modified Risk Tobacco Product (MRTP ). As of June 30, 2023, smoke-free products developed by PMI were available for sale in 82 markets and PMI estimates that approximately 19.7 million adults worldwide have already switched to IQOS and quit smoking. Smokeless products accounted for approximately 36.2% of PMI’s total net revenues for the third quarter of 2023. With a strong foundation and significant expertise in life sciences, in February 2021 PMI announced its February 2021 ambition to expand into wellness and health care and, through its subsidiary Vectura Fertin Pharma, aims to improve the quality of life by providing integrated health experiences.

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