(Credit: Canva Pro)The Science Based Targets initiative (SBTi) has approved Teva Pharmaceutical Industries Ltd.'s (NYSE and TASE: TEVA) targets to reduce greenhouse gas (GHG) emissions, providing external validation of the Company's commitment to minimizing its environmental footprint.
Headquartered in Israel, Teva was founded in 1901. Currently, the pharmaceutical company employs over 37,00 individuals across 58 countries.
Through Teva's global networks, it's able to reach nearly 200 million patients every day. At the core of their mission is to be a global leader in the development of generics and biopharmaceuticals in order to improve the lives of patients globally. The company believes that everyone should have access to quality medicines, whether it is for the purpose of treating diseases, combating infections, or simply improving their general health.
Teva is committed to making a significant impact on the environment through its decarbonization activities. SBTi validated the following targets as part of the third-party verification process.
Teva's financing strategy incorporates the Scope 1 and 2 targets as part of the Firm's $5 billion sustainability-linked bond, which was the largest of its kind issued by any sector at the time of issuance and the first ever issued by a generic medicines company.
"In 2021, we established robust targets in the areas of access to medicines, culture of ethics, environment and responsible supply chain to drive measurable progress, and some of these targets are tied to executives’ performance goals and remuneration. Last year, Teva issued a $5 billion sustainability-linked bond, linking our financial and sustainability objectives. The bond is tied to targets that address two critical global challenges for Teva: access to medicines and climate change." -Dr. Sol J. Barer, Chairman of the Board of Directors, Teva Pharmaceutical Industries Ltd.
Environmental protection is central to Teva's environmental, social, and governance (ESG) strategy. As part of its efforts to achieve these goals, Teva has implemented energy efficiency projects, low-carbon truck fleets, and electric vehicles, recycled water, and improved office catering and canteen services. Further, the company is working on powering more manufacturing sites through clean, renewable energy sources.
