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Sustainability Planning for Baxter International Inc. Climate Change Policies in the UK

Introduction Large, multinational companies like Baxter International Inc. (Baxter) are increasingly exposed to costs and risks related to climate change policy. The government regulations aimed at curbing greenhouse gas emissions are evolving with significant spatial, temporal, and logistical variability. The resulting uncertainty presents a challenge to businesses attempting to develop climate change strategies that align with performance goals and stakeholder expectations. Through active engagement, low-regret choices, and sustainability initiatives, leading companies have been able to reduce costs and even create business opportunities in the short-term. However, the potential value to managing long-term carbon emissions-related costs and opportunities remains largely untapped. This study seeks to evaluate future policy possibilities in order to inform long-term strategic investments and decisions that will allow global companies to better manage these risks and possibly gain a competitive advantage. The research focuses specifically on the future consequences of emission management systems in the United Kingdom. Recognized for the advanced state of its carbon tax and trading schemes, the UK is a useful case study for evaluating the impacts to business and anticipating future outcomes in other countries. The UK is also an important manufacturing and customer base for Baxter. The effects of carbon pricing will be felt throughout the value chain, from increased costs of supplies, to higher energy costs, to demands for energy efficient products and services. This study focused on the policy implications for Baxter's manufacturing plants for several reasons: Baxter is accountable for plant emissions; carbon pricing will translate directly to increase plant operating costs; plant emissions are directly controllable; and plant energy use represents a significant portion of Baxter's emissions and costs. The study quantifies the price effects of long-term climate change policies in the UK on electricity and natural gas, which are the primary sources of energy and emissions for manufacturing facilities. Projections of alternative " policy scenarios " are developed to examine the price implications if policies are more or less stringent than currently expected. The projections also include wholesale energy price sensitivity, which greatly influence electricity and gas prices, and have significant future uncertainty. The electricity and gas prices are projected to 2030 using an Excel model developed for this study. The model is also designed to replicate Baxter manufacturing plant conditions in order to project costs and 4 greenhouse gas emissions at the plant level. By controlling various inputs, the model allows users to estimate the long-term consequences …