What you need to know about BMS’ 2024 Climate Change Report

Bristol Myers Squibb’s 2024 Climate Change Report articulates our efforts and actions over the past 12 months to help secure a more sustainable future. It is a testament to our dedication to aligning environmental sustainability with our business strategy and our commitment to driving positive change.

The progress we have made is significant. In addition to receiving approval for our near-term and net-zero Science Based Targets (SBTs), we are continuing to advance the rigor of our climate risk assessments and establishing further governance around climate risk management.

"BMS’ Climate Change Report showcases our unwavering commitment to sustainability and highlights our strategic efforts in cutting emissions and promoting sustainable practices across our operations,” said Karin Shanahan, EVP, Global Product Development & Supply. “We are committed to reducing our environmental footprint while staying true to our mission of improving patient outcomes.”

Here are some highlights from this year’s report:

• Strengthened governance: We’ve enhanced existing and established new working groups to promote accountability organization-wide, integrating climate risks and opportunities into the strategic agenda of our Board and leadership teams.
  
• Quantitative risk assessment: We introduced a quantitative assessment of transition risks and enhanced our assessment methodologies to provide deeper insight into potential business impacts of climate change beyond physical impacts.
  
• Expanded site evaluations: We increased the number of sites assessed for physical climate risks and deepened our understanding of potential financial impacts of these risks on our business.
  
• Integrated risk management: We have further integrated climate considerations within our enterprise risk management (ERM) framework, demonstrating our ongoing efforts toward an integrated approach to climate governance.
  
• Regulatory alignment: We are actively aligning with new and evolving climate-related legislation and regulations, such as the EU’s Corporate Sustainability Reporting Directive (CSRD) and International Financial Reporting Standards (IFRS) standards for sustainability disclosure.
  
• Science-based solutions: We are committed to science-based solutions to global challenges through our SBTi-approved targets:
  
  
  • Net-zero emissions: Reach net-zero greenhouse gas (GHG) emissions across our value chain by 2050, starting from a 2022 baseline.
  • GHG reduction: Achieve a 55% reduction in Scopes 1 and 2 GHG emissions, as well as Scope 3 emissions from fuel and energy-related activities (FERA) by 2033.
  • Supplier engagement: Engage 75% of our suppliers by emissions in their development of science-based targets by 2028.

These ambitious targets and our continuous improvement in our climate action efforts ensure that our operations are robust and resilient, supporting our belief that a healthy environment is critical to human health.