My Green Lab’s Carbon Impact of
Biotech & Pharma Report

A year in review (2023 – 2024)

Introduction

The biotechnology and pharmaceutical industries are on a crucial journey towards a sustainable future. My Green Lab, a global leader in promoting sustainable scientific practices, has released its 2024 Carbon Impact of Biotech and Pharma Report. At Envetec, we’re committed to sustainable practices, and we’ve analyzed this report to understand the industry’s progress. This blog post offers insights into the key findings, comparing the 2024 report with its 2023 predecessor.

Key Findings: A Year of Progress and Challenges

The 2024 report provides a comprehensive look at the industry’s carbon footprint, highlighting both successes and areas needing improvement. Let’s explore the key takeaways.

1. Expanded Data Set for Deeper Insights

The 2024 report significantly broadened its scope, analyzing 638 public and 290 private companies, a substantial increase from the 226 public and 147 private companies included in the 2023 report. This expanded data set allows for a more granular understanding of emissions trends across various company sizes and geographical locations, painting a clearer picture of the industry’s overall environmental impact. This broader perspective is crucial for effective waste treatment and waste recycling strategies, particularly within the medical field.

2. The Growing Importance of Scope 3 Emissions

Both the 2023 and 2024 reports emphasize the significant role of Scope 3 emissions, which stem from indirect activities like supply chain operations and product disposal. Think of the processes involved in biohazard waste disposal and biomedical disposal waste. The 2024 report reveals a concerning trend: Scope 3 emissions are now estimated to be 5.4 to 6.5 times greater than Scopes 1 and 2 combined, up from a 4.6-fold difference in 2023. This highlights the urgent need for strategies that address both upstream and downstream emissions, particularly for biohazardous waste recycling and treatment. Finding reputable biohazardous waste treatment companies is crucial for medical facilities.

3. Increased Commitment to Climate Goals

The industry is demonstrating a growing commitment to climate action.

• In 2023, only 10% of companies had short-term Scope 1 and 2 targets aligned with the 1.5°C warming limit.
• By 2024, this number increased significantly, with 31% of companies adopting medium-term (2026-2035) Scope 1 and 2 targets aligned with this critical pathway. This progress signals a growing awareness of the urgency of climate change and the need for ambitious climate action.

4. Carbon Intensity and Sustainability Initiatives

The report also examines carbon intensity trends and participation in sustainability initiatives.

Mixed Results in Carbon Intensity
While top-performing companies achieved a 12% annual reduction in carbon intensity since 2018, private companies saw an 11% increase in Scope 1 and 2 emissions intensity. This disparity underscores the need for wider adoption of sustainable practices across the industry.

5. Growing Participation in Sustainability Programs

The industry’s engagement in sustainability initiatives is on the rise. Participation in the UN Race to Zero campaign increased from 35 companies (representing 53% of revenue) in 2023 to 56% of revenue in 2024. Furthermore, 68% of these participants now operate global My Green Lab Certification programs, up from 63% in 2023.

6. Overall Emissions and the Path Forward

Despite progress in various areas, the industry’s total carbon footprint (Scopes 1, 2, and 3) increased from 193 million tCO2-e in 2022 to 397 million tCO2-e in 2023. This rise reflects both the expanded data set and the rapid growth of the biotech and pharma markets.