Biotech and Pharma Reach Tipping Point: My Green Lab’s 2024 Report Urges Focus on Scope 3 Emissions for a Zero-Carbon Future
My Green Lab’s 2024 report reveals growing climate commitments from the biotech and pharma sectors while underscoring the urgency of accelerating Scope 3 emissions reductions.
BAKU, Azerbaijan, November 21, 2024 /3BL/ - The biotech and pharma industry plays a pivotal role in advancing global health, but as a significant contributor to climate change, its environmental footprint cannot be ignored. My Green Lab’s 2024 Carbon Impact of Biotech & Pharma Report highlights progress while calling for deeper systemic changes as the industry approaches a pivotal moment in its sustainability journey.
The report, produced by My Green Lab with contribution from Intercontinental Exchange (ICE), indicates that the industry has reached a tipping point—with over 25% of companies setting medium-term Scope 1 and 2 targets aligned with a 1.5°C pathway. Despite significant progress, the report finds that long-term progress to reach a zero-carbon future hinges on targets expanding to include Scope 3, the indirect emissions from upstream and downstream of a company’s value chain.
"The progress the biotech and pharma industry has made demonstrates the power of collective action, but our work is far from complete. Achieving long-term climate goals requires a united focus on addressing Scope 3 emissions,” said James Connelly, CEO of My Green Lab. “By working together to decarbonize supply chains and embrace innovative solutions, we can ensure this sector leads the charge toward a healthier, more sustainable future.”
This year’s study builds on previous reports starting in 2021, which were the first to assess the entire biotech and pharma value chain by quantifying Scope 3 emissions. The 2024 study leverages data from 638 publicly listed companies and 290 privately held companies. Tracking emissions since 2015, the report offers a comprehensive overview of the industry's carbon footprint and its alignment with the Paris Climate Agreement. The study highlights more companies adopting the UN Race to Zero and a majority making progress on the Breakthrough Outcome by adopting My Green Lab Certification.
Key Findings and Industry Progress
The 2024 report reveals a concerning emissions footprint across the biotech and pharma industry, with a combined total of 397 million tCO₂e from private and public companies in 2023. Among the 149 companies with high-quality emissions data, 31% have set medium-term Scope 1 and 2 targets (2026–2035) aligned with a 1.5°C pathway. However, achieving climate goals requires expanding these targets to include Scope 3 emissions, which are 5.4 times higher for public companies and 6.5 times greater for private companies.
In response to these challenges, the industry has launched a suite of collective supply chain initiatives aimed at addressing Scope 3 emissions, which have shown significant progress over the past year. Programs such as Converge, Activate, and Energize are driving decarbonization by engaging suppliers to adopt renewable energy, improve operational efficiency, and pursue sustainable lab practices. The study found that leading companies are accelerating their sustainability commitments, with 36 companies—representing 56% of the sector’s revenue—joining the UN’s Race to Zero campaign, up from 28 companies (46% by revenue) in the previous year.
My Green Lab Certification drives Scope 1 and 2 emissions reductions by improving lab sustainability and supports Scope 3 reductions by encouraging sustainable purchasing and supply chain practices. It was chosen as a Race to Zero Breakthrough Outcome to help pharma and biotech companies reach a zero-carbon future by 2050.
For more information and to download the 2024 Carbon Impact of Biotech & Pharma Report click here.
About My Green Lab
My Green Lab® is a nonprofit environmental organization with a mission to build a global culture of sustainability in science. The organization is the world leader in developing internationally recognized sustainability standards for laboratories and laboratory products—bringing sustainability to the community responsible for the world's life-changing medical and technical innovations. Laboratories are some of the most resource-intensive spaces in any industry, but they don't have to be. By introducing a new perspective and proven best practices within a carefully crafted framework, My Green Lab has inspired tens of thousands of scientists and lab professionals to make positive changes in their labs by reducing the environmental impact of their work.
My Green Lab Certification is the global gold standard for laboratory sustainability best practices and the cornerstone of My Green Lab’s mission to build a global culture of sustainability in science. Selected as a key indicator of progress for the UNFCCC High-Level Climate Champion’s 2030 Breakthrough campaign, the program covers fourteen topics including energy, water, waste, chemistry/materials, and engagement. It provides both scientists and the teams that support laboratories with actionable strategies to make real and impactful environmental changes. To date, My Green Lab has supported over 3,500 labs worldwide, engaging over 40,000 scientists from 50 different countries.
For media requests, contact Christina Creager at christina.creager@mygreenlab.org.
For more information about My Green Lab, visit mygreenlab.org.
