Pfizer Inc. is a multinational pharmaceutical company based in the United States of America. The company is one of the largest pharmaceutical companies in the world, with a market capitalization of over $200 billion. Pfizer operates in the Large Pharma sector, which is characterized by the development, production, and sale of prescription drugs and other pharmaceutical products.
Pfizer has a strong commitment to sustainability and decarbonization, and the company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources. The company has set a target to reduce its greenhouse gas emissions by 20% by 2025, compared to its 2012 baseline. To achieve this goal, Pfizer has implemented a range of initiatives focused on energy efficiency, renewable energy, and decarbonization.
One of the key initiatives that Pfizer has implemented to reduce its carbon footprint is the use of corporate power purchase agreements (PPAs) for renewable energy. PPAs are long-term contracts between a company and a renewable energy provider, which guarantee a fixed price for renewable energy over a specified period. By signing PPAs, Pfizer can secure a reliable and affordable source of renewable energy, which helps to reduce its reliance on fossil fuels and lower its carbon emissions.
Pfizer has signed several corporate PPAs for renewable energy, including a 100 MW wind power purchase agreement with a wind farm in Texas. This PPA is expected to supply the equivalent of 30% of Pfizer's total electricity needs in the United States, and will help the company to achieve its goal of sourcing 100% renewable electricity globally by 2025.
In addition to corporate PPAs, Pfizer has also invested in on-site renewable energy generation, such as solar panels and wind turbines. The company has installed solar panels at several of its facilities, including its manufacturing plant in Kalamazoo, Michigan, which is one of the largest solar installations in the state. Pfizer has also installed wind turbines at its manufacturing plant in Ringaskiddy, Ireland, which generate enough electricity to power 1,000 homes.
Pfizer has also implemented a range of energy efficiency measures to reduce its energy consumption and carbon emissions. The company has implemented a global energy management program, which includes energy audits, energy efficiency upgrades, and employee engagement initiatives. Through this program, Pfizer has achieved a 17% reduction in energy consumption and a 20% reduction in greenhouse gas emissions since 2012.
Pfizer has also implemented a range of other sustainability initiatives, such as waste reduction, water conservation, and sustainable packaging. The company has set a target to achieve zero waste to landfill by 2020, and has implemented a range of waste reduction and recycling programs at its facilities around the world. Pfizer has also implemented water conservation measures, such as rainwater harvesting and water-efficient landscaping, to reduce its water consumption and protect local water resources.
Overall, Pfizer's commitment to sustainability and decarbonization is a key part of the company's long-term strategy. By investing in renewable energy, energy efficiency, and other sustainability initiatives, Pfizer is not only reducing its environmental impact but also improving its bottom line. As the world transitions to a low-carbon economy, companies like Pfizer that embrace sustainability and decarbonization will be well-positioned to thrive in the years ahead.