AstraZeneca Pledges $1 Billion to Cut CO2 Emissions

By Dieter Holger

AstraZeneca PLC (AZN.LN) said Wednesday that it will invest up to $1 billion to reach net zero carbon-dioxide emissions from its global operations by 2025 and achieve carbon negativity across all activities by 2030.

To meet the targets, the British drug company said it will double energy productivity from renewables for both power and heat, switch to an all-electric vehicle fleet five years ahead of schedule, and develop inhalers with almost no propellants that add to global warming.

The move was announced at the World Economic Forum in Davos, Switzerland, which this year is focusing on combating climate change.

The environmental impact of drug companies such as AstraZeneca has come under scrutiny, with a study from McMaster University published last year in the Journal of Cleaner Production suggesting that the pharmaceutical sector produces 13% more CO2 emissions than car manufacturers, despite having a market size that is 28% smaller.

AstraZeneca Chief Executive Pascal Soriot will participate in the first meeting of the Sustainable Markets Council at Davos, a group of public-private leaders founded by Britain's Prince Charles to drive solutions to environmental challenges.

"Climate change is an urgent threat to public health, the environment and the sustainability of the global economy," Mr. Soriot said.

Write to Dieter Holger at [e-mail]; @dieterholger

(END) Dow Jones Newswires

January 22, 2020 05:23 ET (10:23 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.