CordenPharma Drives Climate Action with SBTi Target Submission and Transparent GHG Reporting

04 December 2024 | Wednesday | News

With 2023 GHG emissions disclosed via CDP and a decade-long strategy in place, CordenPharma advances its commitment to climate action and customer collaboration on emission reduction goals.

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In November 2024, CordenPharma submitted near-term greenhouse gas (GHG) emission reduction targets to the SBTi for approval and validation.

CordenPharma also published its 2023 greenhouse gas (GHG) emissions through the environmental disclosure system of CDP, formerly known as the Carbon Disclosure Project.

CordenPharma collaborated with a renowned third-party consultancy to set climate objectives and a global decarbonization strategy to be implemented over the next decade.

After joining the Science Based Target initiative (SBTi) in December 2022, CordenPharma is proud to announce submission of its near-term greenhouse gas (GHG) emission reduction targets to the SBTi in November 2024 for approval and validation. This reflects CordenPharma's strong commitment to taking climate action across its global network and supporting its customers to reduce their indirect GHG emissions.

To set climate objectives, CordenPharma calculated its carbon footprint from the base year 2023 using the GHG protocol methodology. Under the GHG protocol, GHG emissions are categorized into three different scopes, depending on whether they are generated from an entity’s own operations or from their value chain partners.

To make CordenPharma’s environmental impact transparent, the calculated carbon footprint was reported through the environmental disclosure system of CDP, formerly known as the Carbon Disclosure Project. This published environmental data is often utilized by disclosers, capital markets, customers, and other stakeholders to make informed decisions and drive action.

CordenPharma set its near-term climate objectives and a global decarbonization strategy to achieve them over the next decade in collaboration with a renowned third-party consultancy. With photovoltaics already installed at its Lisbon, Portugal and Fribourg, Switzerland sites, biogas used at the Liestal, Switzerland facility, and the investment into an offsite solar electricity park for the Colorado, USA site, CordenPharma has already taken important steps towards its climate ambitions.

Dr. Michael Quirmbach, President & CEO of the CordenPharma Group comments: “Taking more pro-active carbon emission reduction actions enhances our competitiveness in the transition to a low-carbon economy and the collaboration with customers in achieving their climate change goals.”

Viviana Occhionorelli, Partner, ESG at Astorg comments: “We endorse the progress made by CordenPharma on the quantification of the emissions and the submission of their near-term GHG emission reduction targets to the SBTi that demonstrate strong commitment in line with our ambition to lead on climate action."

In 2022, CordenPharma was acquired by Astorg, a leading pan-European private equity firm to support the growth and development of the company. Through this partnership, Astorg’s ESG team collaborates with CordenPharma to accelerate its sustainable journey.

CordenPharma Drives Climate Action with SBTi Target Submission and Transparent GHG Reporting

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