Viatris is dedicated to achieving a 42% reduction in absolute scope 1 and 2 greenhouse gas (GHG) emissions, along with a 25% decrease in absolute scope 3 GHG emissions, all by 2030, using 2020 as the baseline year. In 2022, we received validation and approval from the Science Based Targets initiative (SBTi) for these goals, which categorized our scope 1 and 2 targets as consistent with the Paris Agreement’s aim of limiting global warming to 1.5°C above preindustrial levels.
Our initiatives to mitigate climate change are designed to enhance the health of the communities we serve and bolster our operational resilience. We are continually enhancing our preparedness and refining our practices, informed by our latest climate scenario analysis conducted in 2022. This assessment allowed us to reevaluate and understand our vulnerability to various physical and economic risks associated with different climate change scenarios. It reaffirmed our commitment to key focus areas, including ensuring stable water access, protecting public water resources, and maintaining operational continuity during extreme weather events. We plan to update the climate scenario analysis regularly to align with our evolving operations.
Promoting sustainable operations requires ongoing efforts to improve rather than merely replacing existing systems. This approach leads to enhanced operational efficiency, improved cost-effectiveness, reduced GHG emissions, and lower operating expenses. In 2023, we made significant strides in our strategy to cut greenhouse gas emissions by increasing our reliance on renewable electricity, optimizing operational efficiencies, upgrading equipment, and broadening the use of alternative fuels.
This year, we expanded our renewable electricity contract in Ireland to include the Little Island facility starting in January 2024, which means all our manufacturing sites in Ireland will now utilize 100% renewable electricity. This transition is expected to lower GHG emissions at the Little Island site by more than 50%.
Our GHG Emissions Reduction Targets:
Achieve a 42% reduction in absolute scope 1 and 2 GHG emissions by 2030, compared to a 2020 baseline. Attain a 25% reduction in absolute scope 3 GHG emissions, encompassing purchased goods and services, capital goods, fuel- and energy-related activities, and upstream transportation and distribution, by 2030 from a 2020 baseline. Our initiatives to mitigate climate change are designed to enhance the health of the communities we serve and bolster our operational resilience. We are continually enhancing our preparedness and refining our practices, informed by our latest climate scenario analysis conducted in 2022. This assessment allowed us to reevaluate and understand our vulnerability to various physical and economic risks associated with different climate change scenarios. It reaffirmed our commitment to key focus areas, including ensuring stable water access, protecting public water resources, and maintaining operational continuity during extreme weather events. We plan to update the climate scenario analysis regularly to align with our evolving operations.
Promoting sustainable operations requires ongoing efforts to improve rather than merely replacing existing systems. This approach leads to enhanced operational efficiency, improved cost-effectiveness, reduced GHG emissions, and lower operating expenses. In 2023, we made significant strides in our strategy to cut greenhouse gas emissions by increasing our reliance on renewable electricity, optimizing operational efficiencies, upgrading equipment, and broadening the use of alternative fuels.
This year, we expanded our renewable electricity contract in Ireland to include the Little Island facility starting in January 2024, which means all our manufacturing sites in Ireland will now utilize 100% renewable electricity. This transition is expected to lower GHG emissions at the Little Island site by more than 50%.
Our GHG Emissions Reduction Targets:
Our Progress:Since 2020, we have achieved a 3.7% reduction in our scope 1 and 2 emissions compared to our baseline. We are confident that our strategy will enable us to meet our reduction targets by 2030.