Wednesday , October 16 2019
Home / zimbabwe / Philip Morris thinks climate change is good for her tobacco

Philip Morris thinks climate change is good for her tobacco

Growing global temperatures and extreme weather patterns bring bad news for the global economy.

A recent report by Trump's administration estimates that climate change by the end of the century could trigger hundreds of billions of dollars in annual economic losses.

But some big companies see climate change as an opportunity to make money.

Read more: Apple predicts more climate change that could increase iPhone's demand

According to thousands of announcements published by CDP, a non-profit organization that collects environmental information from companies, brands such as Wells Fargo, Honda and AT & T have identified ways to profit from extreme temperatures and climate-related disasters.

In the case of Philip Morris International, giant tobacco factories behind popular Marlboro cigarettes, heavy rain could save $ 10 million, according to a CDP statement.

Since 1972, Marlboro has been the world's leading brand of cigarettes.
Arno Burgi / Image Alliance / Getty Images

This is because rain prolongs the life cycle of tobacco, retaining the soil moisture for a long time. Not only would it help the companies to increase production but also improve the quality of their cigarettes, since the constant precipitation amount provides the ideal conditions for tobacco growing.

There is also the benefit of higher global temperatures, for which the company estimates that it could produce another million dollars a year of savings.

Before making cigarettes, manufacturers must first drain or "cure" tobacco leaves in heated rooms that use wood to revive the drying process. Philip Morris believes that the warmer weather will produce natural warmth that could reduce the need for burning firewood.

This does not mean that the company is ready to ignore climate change. If the latest forecasts of the Intergovernmental Committee on Climate Change are accurate and global temperatures rise by 1.5 degrees to 2040, the world could experience catastrophic heat, droughts, mass extinctions and other events that could ruin tobacco production.

The tobacco farm in Pinar del Río on Cuba.
Alfonso Della Corte / Universal Images Group / Getty Images

Like many other companies that will benefit financially from climate change, Philip Morris also sees the risk of future climate disasters.

In a statement for Business Insider, the company said it was focused on "minimizing negative externalities" of its products.

"We have an important impact on the community and the environment around us, which we are dedicated to addressing," the company states. "We can not do it alone."

The company has stated to CDP that it is working to reduce carbon dioxide emissions by reducing energy consumption and reducing greenhouse gas emissions.

Such efforts by Philip Morris brought a rating "A" in the fight against climate change by CDP, along with companies such as Bank of America and AT & T. Starbucks and McDonald's earned "C" while Disney and American Airlines earned "D."

In many cases, companies that received a strong written score saw climatic change resolving as a way to improve public image.

"We expect that addressing sustainability and climate change issues will adequately increase the reputation of our company," Philip Morris wrote in his statement, adding: "Leading results in these areas could attract new investors and increase our attractiveness as an employer."

Source link