Bristol Myers Squibb today announced the validation of its near-term and net-zero science-based targets by the Science Based Targets initiative (SBTi) as part of a mid-year update on its environmental initiatives. This milestone underscores the company’s progress in reducing emissions across its operations and supply chain. The SBTi validation is recognized as the gold standard for corporate greenhouse gas (GHG) emissions target setting and reduction strategies.
BMS has committed to achieving net-zero GHG emissions across its value chain by 2050, using 2022 as a baseline year. The company aims to reduce Scope 1 and 2 GHG emissions and Scope 3 GHG emissions (from fuel and energy-related activities) by 54.6% by 2033. Additionally, BMS plans to engage 75% of its suppliers, by emissions, in developing their science-based targets by 2028.
“Validation of our near-term and long-term targets by the SBTi is an important milestone on our journey to achieving net-zero emissions,” said Karin Shanahan, executive vice president of Global Product Development & Supply, Bristol Myers Squibb. “Through cross-collaboration, industry partnerships, and supplier engagement, we are taking decisive action and embedding changes into our operations that will help create a more sustainable and healthier planet for generations to come.”
Ongoing Commitment to Environmental Stewardship
The SBTi validation reinforces BMS’s commitment to minimizing its environmental footprint through long-term strategies. Key activities contributing to BMS’s progress include:
- Reducing Emissions from Company-Controlled Operations (Scope 1): BMS has been implementing projects to reduce energy use and GHG emissions within its operations. The company’s leadership in energy management was recognized by ENERGY STAR with the 2024 Partner of the Year: Sustained Excellence award. Additionally, BMS received the highest Platinum rating from the U.S. Green Buildings Council for its research facility in Cambridge, Massachusetts, joining 16 other LEED Gold or Silver-rated facilities.
- Transitioning to Renewable Energy (Scope 2): In 2022, BMS executed a 15-year virtual power purchase agreement (VPPA) for 60 megawatts (MW) at the 240-MW Cattlemen Solar Park in Texas. In 2023, a second 15-year VPPA with National Grid Renewables for 145 MW of solar at the Texas-based Blevins Solar Projects was announced. These actions bring BMS closer to its 2030 goal of sourcing 100% of purchased electricity from renewable sources.
- Addressing Emissions Across the Value Chain (Scope 3): BMS has strengthened its end-to-end data program using the GHG Protocol as a guiding principle. The company has expanded the tracking, management, and reporting of its Scope 3 emissions to 10 categories, with limited assurance. Through its supplier engagement program, BMS has determined that approximately 30% of suppliers in scope for its Scope 3 supplier engagement target already have approved science-based targets, with an additional 20% of suppliers committed.
For more information on BMS’s environmental commitments and strategy, visit the BMS 2023 ESG Report.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company dedicated to discovering, developing, and delivering innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit BMS.com or follow us on LinkedIn, X (formerly Twitter), YouTube, Facebook, and Instagram.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company’s goals, strategies, and performance as outlined in its 2023 Environmental, Social, and Governance (ESG) Report. No forward-looking statement can be guaranteed. These statements should be evaluated alongside the risks and uncertainties affecting Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, and updated by subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made only as of the date of this document. Except as required by law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether due to new information, future events, changed circumstances, or otherwise.
