Partnerships help speed the move toward clean energy - Bristol Myers Squibb - Our stories
Environmental, social & governance
Partnerships help speed the move toward clean energy
One of Bristol Myers Squibb’s key commitments to environmental responsibility is to purchase 100% of its electricity from renewable sources by 2030. The company took a big stride toward that goal in April 2022, when it executed a 15-year virtual power purchase agreement with EDP Renewables North America LLC for 60 megawatts from the new Cattlemen Solar Park in Milam County, Texas.
The agreement will help EDP Renewables complete construction on the facility, which is expected to become fully operational in 2023. While generating enough electricity to power the equivalent of 37,000 average homes, the 240-MW solar park will avoid emitting the 270,000 tons of CO2 per year that conventional energy sources would produce doing the same job. It will also save an estimated 304 million gallons of water annually.
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As a global company dedicated to improving patients’ lives through science, BMS recognizes the need to do our part to reduce the effects of climate change. This agreement is not just an important milestone in our environmental sustainability journey, but a step toward a clean energy future for everyone.” |
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Danielle Menture, Vice President, Environment, Occupational Health, Safety and Sustainability |
Helping suppliers save the planet
Another important way in which BMS is working to reduce its carbon footprint is by promoting decarbonization initiatives such as renewable energy use among its suppliers of goods and services. In August 2022, the company became a sponsor of the Energize program — a worldwide collaboration among major pharmaceutical companies to pursue that objective.
According to analysts, up to 85 percent of the industry’s greenhouse gas emissions come from its supply chain. Yet many factors make procuring renewable energy a challenge for small supply-chain partners, including inadequate knowledge about such transactions, load size, lack of credit, and the need for guidance through a lengthy and complex contracting process.
Removing barriers for companies
Launched in 2021 at the COP26 climate conference, Energize is designed to remove those barriers. The first-of-its-kind program is managed by Schneider Electric, a leading global firm that advises clients in optimizing energy management. Participating suppliers learn about the renewable energy market, receive counseling on power purchase agreements, and get the opportunity to contract for renewable energy independently or as part of a buyers’ cohort — all free of charge. Sponsors (17 at last count, including BMS) cover the program’s expenses.
By early 2023, the program had recruited over 370 suppliers in North America, Europe and the Asia Pacific region, and its membership continues to grow. “Energize is especially beneficial for small and diverse suppliers, who couldn’t afford the services of an energy advisor on their own,” said Victoria Emerick, executive director and global head of Corporate Sustainability Strategy and Operations at BMS. “It helps sponsor companies fulfill their social commitments as well as their environmental goals. And, of course, it helps the planet. I’d call it a win-win proposition all around.”