STAMFORD, CT -- Philip Morris International Inc. (PMI) (NYSE: PM) has ranked first in Forbes’ 2024 Net Zero Leaders ranking,[1] which highlights the 100 U.S. public companies best positioned to reduce their greenhouse gas (GHG) emissions.

Forbes used data from firms Sustainalytics and Morningstar to rank companies’ commitment to a net zero future. It also considered each company’s management structure to aid in risk assessment, governance, strategy, metrics for achieving decarbonization goals for scopes 1+2+3, as well as financial strength to withstand industry competition and economic turmoil.

“As we transform our company toward a smoke-free future, we strive to do so in the most sustainable way possible, including by leading in decarbonization,” said Jacek Olczak, Chief Executive Officer of PMI. “We are honored to be recognized by Forbes as the highest-ranked company among businesses at the forefront of working toward net zero.”

“Our approach to sustainability goes beyond minimizing negative externalities and mitigating risks. Deeply connected to our transformation strategy, sustainability has always been intended to embody a profound opportunity for innovation, growth, and long-term value creation,” explained Jennifer Motles, Chief Sustainability Officer at PMI. “Our dedication reflects our response to the concerns of our shareholders and other stakeholders alike, and our climate strategy aims to address pertinent climate change-related risks and build resilience while seizing opportunities presented by a low-carbon future.”

“We thank Forbes for its recognition of our efforts to tackle climate change as we remain steadfast in our commitment to accelerating progress toward a net zero future,” said Scott Coutts, Senior Vice President, Operations, at PMI. “Reducing our scope 3 emissions will continue to be a priority. Our efforts will remain focused on reducing GHG emissions from our value chain as we continue progressing toward our SBTi-validated target to reach net zero emissions for scopes 1+2+3 by 2040.”

This distinction complements growing external recognition of PMI’s sustainability performance and reporting, including:

· Inclusion in CDP’s Supplier Engagement Leader Board for the seventh year (announced March 2024)
· Achievement of CDP’s Triple A rating for the fourth consecutive year—placing PMI among the world’s leading companies in environmental transparency and action (announced February 2024)
· Early Adopter of the Taskforce on Nature-related Financial Disclosures (TNFD) framework (as of January 2024)
· Inclusion in the Dow Jones Sustainability World Index (DJSI) for the first time and the Dow Jones Sustainability North America Composite Index for the fourth consecutive year (index inclusion effective as of Dec. 18, 2023), in addition to being awarded “Prime” status in the ISS ESG Corporate Rating (ISS ESG Rating as of Nov. 21, 2023)
· Validation from the Science Based Targets initiative (SBTi) on its Forest, Land, and Agriculture (FLAG) emissions reduction targets, making PMI one of very few companies to achieve this recognition (as of August 2023)