Energy Efficiency, GHG Emissions, Industrial  -  November 17, 2021

Altria Discloses First TCFD Report

Tobacco company Altria Group, Inc. announced its first standalone Task Force on Climate-related Financial Disclosures (TCFD) report.  

Altria is the first U.S tobacco company to join more than 2,700 supporters of the TCFD. The TCFD was formed by the Financial Stability Board in 2015 to help companies provide information about their climate-related risks and opportunities to investors. In 2017, the TCFD published final recommendations across four core elements: governance, strategy, risk management, and metrics and targets.

“Just as we believe in the benefits of a science- and evidence-based approach for our industry and tobacco harm reduction, we believe in a science-based approach for climate action,” said Sal Mancuso, CFO in a statement. “We also acknowledge this is our first TCFD report and expectations for environmental, social and governance disclosure are rapidly changing. We intend to learn as we go while responding to this dynamic environment as we evolve our reporting in the future.”

Altria is the first U.S tobacco company to join more than 2,700 supporters of the TCFD. The TCFD was formed by the Financial Stability Board in 2015 to help companies provide information about their climate-related risks and opportunities to investors. In 2017, the TCFD published final recommendations across four core elements: governance, strategy, risk management, and metrics and targets.

 Altria commits to reducing its environmental impact, both in its companies’ direct operations and in the value chain (from supplier to retailer). The company’s goals include reaching its 2030 long-term targets against a 2017 baseline through these actions:

• Reduce absolute Scope 1 & Scope 2 emissions by 55%,
• Reduce absolute Scope 3 emissions by 18%,
• Achieve 100% renewable electricity,
• Reduce waste sent to landfill by 25% and
• Achieve 100% water neutrality each year.

Altria disclosed its progress and key metrics for each of its responsibility focus areas:

• Protect the Environment
• Reducing Harm and Preventing Underage Use
• Drive Responsibility Through Our Value Chain
• Supporting Our People & Communities
• Engage & Lead Responsibly