Cardinal Health announces approved science-based climate targets; expands focus across the supply chain

News provided by

Mar 15, 2024, 08:00 ET

DUBLIN, Ohio, March 15, 2024 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today announced that the company has received approval by the Science Based Targets initiative (SBTi) for its near-term science-based greenhouse gas (GHG) emissions reduction targets. Targets are considered science-based if they align with what the latest climate science says is necessary to limit global warming to 1.5°C above pre-industrial levels.

"We are committed to reducing our impact on the environment and contributing to a more sustainable world," said Megan Maltenfort, Cardinal Health's VP of Environmental, Social and Governance (ESG). "We value our work with SBTi and will continue taking proactive steps to address climate change and to reduce the environmental impact of our products and processes."

With the SBTi approval, Cardinal Health commits to the following science-based targets:

reduce absolute Scope 1 and 2 GHG emissions 50% by fiscal 2030 from a fiscal 2019 base year.*
75% of its suppliers by spend, covering purchased goods and services and upstream transportation and distribution, will have science-based targets by fiscal 2028.

These approved targets represent an expansion of the company's current goal of reducing Scope 1 and 2 GHG emissions, announced in September 2021; the inclusion of Scope 3 emissions from our supply chain has made the goal more ambitious.

"As we work to achieve our targets, we will collaborate with partners along our supply chain to collectively address the impacts of climate change," Maltenfort said.

By the end of fiscal 2023, Cardinal Health had reduced its Scope 1 and 2 emissions by 13% from a fiscal 2019 base year. In addition, the company continues to invest in energy efficiency opportunities in its distribution and manufacturing sites and is looking to expand its use of renewable energy across the enterprise. Cardinal Health reports on progress toward its climate goals in its annual Environmental, Social and Governance (ESG) Report.

The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.

*The target boundary includes land-related emissions and removals from bioenergy feedstocks.

About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With more than 50 years in business, operations in more than 30 countries and approximately 48,000 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.

Contacts:
Media: Erich Timmerman, [email protected] and 614.757.8231
Investors: Matt Sims, [email protected] and 614.553.3661

Cautions concerning forward-looking statements
This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various metrics, accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include the risk that we may fail to achieve our emissions targets or could be unsuccessful at reducing the emissions in our supply chain and the risk that our attempts to reduce emissions may have unintended consequences or could negatively impact our business performance. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of March 15, 2024. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this news release can or will be achieved or completed.

SOURCE Cardinal Health