Novartis has embedded climate change into its corporate strategy and set a Vision 2030 for Environmental Sustainability. In line with targets included in the United Nations Sustainable Development Goals and National Commitments for the Paris Agreement, we have set targets of reducing Scope1+2 GHG emissions by 30% by 2020, and 50% by 2030 (against 2010 baseline).
Governmental schemes can only succeed if private companies actively contribute with their own targets. Further, we have set an internal carbon price of USD100/tCO2e, based on the World Bank’s estimated cost of climate change to society. This will help us identify projects that can cost-effectively reduce our GHG emissions and drive investments into areas of higher energy efficiency and toward more renewable energy.
Urgent action is needed as climate change will result in increased prices for key inputs such as water and energy, and extreme weather events will significantly impact supply chains or damage facilities.