Teva Pharmaceutical Industries achieved a 29% reduction in absolute Scope 1 and 2 GHG emissions from 2019 levels, surpassing its target of 25% by 2025.
The Israeli company also announced that 47% of its electricity used comes from renewable sources, up from 39% in 2023.
Details were published its 2024 Healthy Future Report, detailing actions of the company to advance its sustainability strategy. Teva achieved or surpassed many of its targets, including some that were ahead of schedule. This includes targets tied to sustainable finance instruments, which directly connect its progress in increasing access to medicines and minimizing environmental impact to the company’s financial success.
In 2024, Teva amended its syndicated sustainability-linked revolving credit facility (RCF), extending it by one year and setting a new 2027 regulatory submission target so the RCF remains sustainability-linked for its full lifespan.
Teva established a $10 million energy efficiency budget in 2024, and company sites can apply for funding for their energy efficiency projects throughout the year. Together with sites’ self-funded initiatives, there are 89 active projects directly contributing to the company’s emissions reduction goals. In 2024, this program generated an overall emissions reduction of 5,133 tCO2e, and it is expected to result in a further 8,251 tCO2e reduction in 2025.
The company signed a European (virtual power purchase agreement) VPPA to secure 100% renewable electricity for Teva’s sites in Spain, Portugal, France, Germany, Netherlands, Italy, Hungary, Nordics, Czech Republic, Croatia and Ireland.
The company supplied all of its Israel sites with 100% renewable electricity from a new long-term renewable electricity contract that came into effect in September 2024. This contract substituted part of the power from the public grid with renewable electricity, reducing operational costs and increasing energy resiliency and security. The net effect in 2024 has been an 18,500 tCO2e reduction and 32% clean electric power consumption.
“Healthy Future is closely connected to our Pivot to Growth strategy, designed to support long-term growth and resilience” said Richard Francis, Teva’s President and CEO, in a statement. “Our 2024 Healthy Future report shares how we’re advancing the topics most closely tied to our business, strengthening our company while continuing to better health worldwide — to create the future we want to see.”