(Alliance News) - AstraZeneca PLC on Wednesday said it will spend up to USD1 billion to eliminate the drug company's carbon emissions by 2025 and become carbon negative across its value chain by 2030.

The "Ambition Zero Carbon" strategy includes launching "next-generation respiratory inhalers" which have almost no global warming potential propellants. Astra aims to make its global operations responsible for zero carbon emissions without relying on offset schemes.

The plan brings Astra's decarbonisation plans forward "by more than a decade", it said, and accelerates existing targets, doubling Astra's energy productivity and using renewable energy for heat and power. It also involves a switch to an entirely electric vehicle fleet five years sooner than originally planned.

Included in this plan is Astra's "AZ Forest", a tree reforestation initiative to plant 50 million trees over a five-year period. This will involve partnering with non-profit One Tree Planted as well as with local government.

In a bid to create a carbon negative supply chain, Astra will engage its suppliers with the aim for cutting their direct emissions through to 2030 and find options for carbon removal that result in removing more carbon dioxide from the atmosphere than it is added, making the entire value chain carbon negative by 2030.

Additionally, Chief Executive Officer Pascal Soriot is to participate in the inaugural meeting of the newly established Sustainable Markets Council, an advisory body aiming to "drive sustainable solutions" aligning with the United Nation's Sustainable Development Goals.

Soriot said: "Climate change is an urgent threat to public health, the environment and the sustainability of the global economy. Since 2015, we have reduced our carbon emissions from operations by almost a third and our water consumption by almost one fifth.

"But now is the time to act even faster and redouble our efforts. The commitments AstraZeneca has made today as part of our 'Ambition Zero Carbon' strategy will enable us to speed up the reduction of our company's impact on climate and inspire collaboration at a global level to effect policy change."

Shares in Astra were down 0.2% at 7,812.00 pence in London on Wednesday morning.

By Anna Farley; annafarley@alliancenews.com

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