Month: April 2024

Originally published on bnef.com

Climate change won’t be a cheap problem to solve, with the race to net-zero emissions needing $4.8 trillion to be spent every year between now and 2030 on clean energy technologies.

But if you consider that this number is just a fraction of global GDP, the challenge becomes not whether the world has enough money, but whether it can be mobilized to go to the right places.

Global investment and spending on the energy transition has been gathering momentum, surging almost sixfold over the past decade, based on analysis from BloombergNEF. But the record $1.8 trillion deployed last year was still just 1.7% of the world’s GDP, trailing other key sectors of the economy (Figure 1).

Military and defense budgets commanded a 2.1% share, after hitting an all-time high of $2.2 trillion, according to the International Institute for Strategic Studies. Russia’s ongoing war in Ukraine and conflict in the Middle East were the key drivers of growth.

Defense expenditure is an obvious example of the ability to redirect capital when there’s a will. Its share of global GDP was as much as three times higher in the 1960s during the Cold War. It’s the same story for health care, where global expenditure ramped up to nearly 11% of GDP in the first year of the Covid-19 pandemic.

That’s not to say money should be diverted from hospitals to wind turbines. But these crises show that funding can be dialed up and investment encouraged when something is considered a priority.

China at the forefront

China is the leader when it comes to the absolute volume of energy transition spending, making up more than a third of the global total last year. Most of that $676 billion went to renewables and electrified transport.

That’s not to say money should be diverted from hospitals to wind turbines. But these crises show that funding can be dialed up and investment encouraged when something is considered a priority.

But the Asian powerhouse is also top of the pile when it comes to this investment as a share of GDP – way out in front at 3.8%. That’s more than double the global average of 1.7% (Figure 2).

The European Union is above the middle of the pack too as policies like the REPowerEU plan and Fit for 55 push the bloc to slash emissions and scale up the deployment of green technologies.

But other key economies such as the US, Brazil and Japan are lagging. For the US and Japan, and India as well, a greater emphasis has been placed on budgeting for military capabilities, outstripping energy transition expenditure as a share of GDP (Figure 3). It’s the opposite for Germany and, perhaps somewhat surprisingly, China too.

Looking ahead, investment and spending on clean energy will need to ramp up to avert climate disaster. Under BNEF’s Net Zero Scenario, the capital required would equate to a modest 3.5-4% of GDP per year across the rest of this decade.

With theoretically enough funding to hand to align with a net-zero trajectory, the question is whether the public and private sectors can co-ordinate to get financing to the right areas, especially in emerging economies.

About BloombergNEF

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities. 

Originally published on Bristol Myers Squibb News & Perspectives

Since 1887, BMS has enabled positive change for patients around the world, and I am honored to continue this legacy as Board Chair and CEO. Our obligation to advance this legacy is profound. It calls for us to honor and uphold the values and principles that are the cornerstone of our past successes as we write the next chapter in BMS’ history.

As we navigate an increasingly complex global landscape, our cohesive strategy, inclusive of our ESG performance, has never been more important. That’s why, in 2023, we engaged a number of stakeholders, including patient advocacy partners, shareholders, suppliers, employees, multinational organizations and our Board to understand their views on ESG topics most important to our business and to society. Based on these insights, we evolved our ESG strategy to focus primarily on advancing patient health around the world and fostering a high-performing, inclusive workforce while expanding the boundaries of science and doing our part to reduce environmental impact.

Advancing patient health around the world

Patients, regardless of where they live, still encounter challenges to accessing medicines and adequate healthcare services. We believe in long-term sustainable solutions to address health inequities globally, and we are allocating specific resources and developing new pathways and models to expand access to patients in low- and middle-income countries (LMICs).

To enable this strategy, we are embedding access considerations as a core tenet across our business, fundamentally changing the way we operate. Our approach ranges from raising awareness about the social burden of medical conditions, to obtaining broader public reimbursement that reflects the value of our innovative medicines or providing copay assistance 
to reduce the patient’s out-of-pocket burden.

In LMICs, for example, we are developing tailored programs to help improve access to our innovative portfolio. Through new pathways we have made access possible to 12 transformative products for patients across 80+ LMICs. Of these, more than 40 are low-income countries receiving products at not-for-profit pricing, or at adjusted pricing that accounts for factors related to ability and willingness to pay. Additionally, we have forged global policy partnerships to help strengthen healthcare systems to better address local needs with the goal of delivering sustainable impacts for patients and communities.

Expanding the boundaries of science

We are committed to scientific excellence and investment in our R&D capabilities to provide more medicines to more patients faster. We leverage our expertise to accelerate drug discovery and development, and we entrust our scientists to drive research and development to reduce the burden of diseases.

We believe we have one of the most diversified portfolios and pipeline in the pharmaceutical industry. Thus, we are uniquely positioned to drive continued innovation and expand treatment options across therapeutic areas based on our differentiated research platforms that include cell therapy and targeted protein degradation.

These newly approved medicines and those in our near-term pipeline are the result of strong execution and collaboration across every part of our organization. Over the past three years, we have received more than 50 global regulatory approvals.

As part of our commitment, we understand the importance of enrolling clinical trial populations that are more reflective of the real-world population and aligned with the epidemiology of the diseases we study. In doing so, we believe we can better address barriers to achieving health equity and deepen our clinicians’ understanding of the safety and efficacy of transformative medicines for diverse populations.

We know there is much work ahead to broaden these efforts to better understand what diversity in clinical trials means for other countries and across multiple patient characteristics.

Building a better future. Learn more about the 2023 Bristol Myers Squibb ESG Report

Fostering a high-performing and inclusive global workforce

Our values at BMS—Integrity, Innovation, Passion, Inclusion, Accountability and Urgency—are the foundation of our high-performing, patient-centric culture. Bringing these values to life enables our people to be at their very best so we can deliver for patients.

Cultivating an inclusive and diverse workplace supports our ability to drive innovation. Our goal is to ensure our colleagues’, patients’ and communities’ unique perspectives are heard and valued, and that everyone can contribute to our vision of transforming patients’ lives through science. This begins with integrating inclusive practices across all facets of our organization, including our talent and engagement strategy, leadership development programs and online learning platforms.

Supporting the health and wellbeing of our workforce is a top priority at BMS. To ensure we have the appropriate resources in place to meet the current and future needs of our employees, we consistently assess the programs and resources needed to support their physical, emotional, work life and financial wellbeing.

As a company, we are aware of our responsibility to minimize the impact of our operations on the environment to preserve the planet for future generations. We have designed and implemented environmental goals—including our goal to achieve Net-Zero emissions in Scopes 1, 2 and 3 by 2050—that not only reflect our science-led, innovation-focused approach, but that also ensure accountability to those we serve through strong governance and transparent reporting practices.

BMS has long been committed to corporate responsibility, and our evolved ESG strategy is the result of the commitment by the entire organization to advance our sustainability. Together, we are building a legacy that combines our rich history with a future of innovation, responsibility and growth.

Thank you for your interest in Bristol Myers Squibb.

Christopher S. Boerner, Ph.D. 
Board Chair and CEO 
Bristol Myers Squibb

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. As global citizens, we work sustainably and responsibly to create a positive impact in the communities where we live and work. 
out Bristol Myers SquibbBristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. As global citizens, we work sustainably and responsibly to create a positive impact in the communities where we live and work.

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. As global citizens, we work sustainably and responsibly to create a positive impact in the communities where we live and work.

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As part of its commitment to helping clients on their individual financial journeys, KeyBank continues to offer resources and education for those seeking to achieve the dream of homeownership.

“We recognize that the homebuying process can feel daunting and we are committed to helping our clients achieve their financial goals,” said Dale Baker, President of KeyBank Home Lending. “KeyBank continues to invest in resources, programs and community partnerships to help clients understand their unique financial pictures, address the barriers to homeownership, and improve their overall financial resiliency.”

KeyBank seeks to increase the accessibility and affordability of the homebuying process at a time when a significant portion of Americans feel that homeownership is beyond their reach. According to KeyBank’s 2024 Financial Mobility Survey1, more than one-third (39%) of Americans who do not own a home and do not plan on purchasing one in the next 12 months feel that homeownership is not attainable.

KeyBank’s recently launched Special Purpose Credit Programs2 and educational initiatives include:

The KeyBank Home Buyer Credit3 offers eligible homebuyers buying a home in an eligible community a $5,000 credit that can be used for closing costs and pre-paid fees associated with financing their new home. 
 The Key Opportunities Home Equity Loan4 provides affordable terms for borrowers with qualifying properties to refinance their primary residence to a lower interest rate, consolidate debt, finance home improvements, or tap into their equity when needed. 
 Similar to the Home Buyer Credit, KeyBank Neighbors First Credit5 is designed to help homebuyers in qualified areas across Key’s footprint and in Florida by providing up to $5,000 in credit to be used for closing costs and pre-paid fees that may come with financing a new home. 
 Partnerships with the National Association of Hispanic Real Estate Professionals (NAHREP®) and Operation HOPE aim to advance homeownership through financial education. 
 KeyBank committed more than $1 million in 2023 to homebuyer education and other community support. Starting in 2022, Key also committed to investing more than $25 million over a five-year period in grants, fee waivers, marketing and branches to increase mortgage lending in majority-minority neighborhoods.

Learn more about KeyBank’s home lending opportunities and programs, determine whether a property qualifies for Special Purpose Credit Programs, or get started on the journey to homeownership by visiting key.com/communitylending. For details on the current state of local markets and to answer any questions you may have, including whether a property qualifies for Key’s Special Purpose Credit Programs, KeyBank Mortgage Loan Officers are available to help.

NMLS# 399797. KeyBank Member FDIC. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. CFMA #240405-2536030

1The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. 1,000 Americans, ages 18-70, with sole or shared responsibility for household financial decisions, who own a checking or savings account, completed the survey in September 2023. The survey asked respondents about their financial attitudes, understanding, awareness and actions over the prior year.

2Special Purpose Credit Programs are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).

3Available on primary residence first lien purchases only. Property must be located in an eligible community as determined by KeyBank. Eligible Communities are subject to change without notice. Additional terms or restrictions may apply. Ask us for details.

4Loan features reduced interest rate and no origination fees. Available on existing primary residence and loans up to $100,000. First or second lien only. Loan must close in a branch. Property must be located in an eligible community in KeyBank’s retail footprint. Additional terms or restrictions may apply. Ask us for details.

5Available on primary residence first lien purchases only. Property must be located in an eligible community in KeyBank’s retail footprint or Florida. Eligible communities are determined by KeyBank and subject to change without notice. Additional terms or restrictions may apply. Ask us for details.

2023 proved to be an impactful year for SPARK™, the large-scale employee volunteer program that unites employees of MilliporeSigma, the U.S. and Canada Life Science business of Merck KGaA, Darmstadt, Germany, to make a difference across the globe. Through skills-based and non-skills-based programming, more than 3,000 employees across 22 countries volunteered more than 21,800 hours, to spark curiosity in more than 82,000 students and support local nonprofit and community organizations.

Curiosity Labs™, the SPARK™ program that takes MilliporeSigma employees directly into classrooms, expanded its offerings. In 2023, two new lessons were added to the curriculum, bringing the total number of lessons to eight. “Our new lessons focus on germ detection and biologic therapies, two topics that young learners may be familiar with, but they may not realize the science behind each subject,” said Melissa Hackmeier, Head of Employee and Community Engagement, Sustainability Social Business Innovation at MilliporeSigma. “Showing students that science is all around them can often help jumpstart their interest in considering future STEM careers.”

Beyond broadening the scope of Curiosity Labs™, the program’s footprint grew in 2023, as well. Over the year, more than 500 employees in 11 countries stepped out of their day-to-day routines to volunteer over 2,900 hours teaching the hands-on science lessons. Through this work, more than 9,800 students had the opportunity to experience science alongside STEM professionals from their own communities.

Aside from skills-based volunteering through programs like Curiosity Labs™ and the Curiosity Cube™, SPARK™ allows MilliporeSigma employees to give back to their communities in other meaningful ways. For instance, employees at 59 sites across 22 countries came together to participate in the company’s annual global food drive. Through this initiative, MilliporeSigma employees worldwide provided 535,685 meals to those in need. 

To learn more about SPARK™ and other employee volunteering programs from MilliporeSigma, visit the company’s sustainability & social business innovation page.