As one of the oldest generic pharmaceutical companies operating in the United States, Lannett Company has strived to reduce their carbon footprint and employ best practices in corporate governance. In 2021 they turned to ECT to assess their energy consumption and establish Green House Gas (GHG) emissions reduction goals.
ECT quantified the short-term cost of carbon embedded in its business and created a pathway to minimize those costs in the long-term. Additionally, ECT developed their Scope 1 and Scope 2 GHG emissions inventory from operations and purchased electricity, heat, and steam purchased from utilities.
This final product was Lannett Company’s inaugural Environmental, Social, Governance (ESG) Report. ECT outlined an approach on ESG topics, provided a baseline of Lannett’s economic, workforce, environmental and social impacts and set initial resource and GHG emissions reduction goals. The report documented the company’s activities and impacts during its 2021 fiscal year, and was written to inform shareholders, potential investors, employees, customers and the regulatory community.
The report was prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core Option; the Sustainability Accounting Standards Board’s (SASB) Biotechnology & Pharmaceutical Standards; and the Task Force on Climate-related Financial Disclosures (TCFD) framework.