SEOUL, Republic of Korea - Wednesday, 20. September 2023 AETOSWire Print
Kingsley Wheaton, BAT’s Chief Strategy & Growth Officer offered the following remarks as the Global Tobacco & Nicotine Forum 2023 (GTNF) kicked off today.
Mr Wheaton called for a smarter regulatory framework for vapour products to help governments worldwide deliver on their aims for a Smokefree 2030.
(BUSINESS WIRE)--A blueprint for how regulators and governments could better regulate vapour products and help smokers switch to less risky*† products has been outlined today by Kingsley Wheaton, BAT’s Chief Strategy & Growth Officer as the Global Tobacco & Nicotine Forum (GTNF) opened in South Korea.
Mr Wheaton explained how BAT’s five-step plan for regulation could support achieving the right balance between harm reduction and the mitigating unintended consequences, including underage access to products.
The BAT leader further added that reckless players in the market need to be penalised when they do not abide by the rules.
Kingsley Wheaton, BAT’s Chief Strategy & Growth Officer, said:
“There are five areas where more could be considered in terms of regulation. These are the areas that regulators should explore and establish smart regulation that is right for their market.
“First, on-device technology and functionality: vapour products should be accessible only to adults. Both underage prevention and restriction is crucial. On-device technology, when applied and enforced across entire markets, could help in this regard.
“Second, more recognition is needed that flavours are an important driver of adoption for smokers seeking alternatives. However, flavours in vapour products should not particularly appeal to anyone underage.
“Third is at the manufacturing and import level: ensuring that non-compliant products cannot reach the market in the first place.
“Fourth, where no restrictions exist already, regulators may want to look at who should be able to sell vapour products and where. Reasonable safeguards at the point-of-sale would help ensure these products are sold only to adult consumers. Solutions such as retail licensing and facial recognition technologies should be seriously considered.
“Lastly, enforcement and penalties: governments must wield their power and ensure consumers are purchasing legitimate products. Such measures should be rigorously enforced and those who fail to comply should face meaningful sanctions.”
Mr Wheaton added: “Let there be no doubt about what BAT stands for – a future where reduced-risk*† alternatives to smoking are embraced. A future where innovation thrives, and where millions of consumers are free to choose from a range of alternatives. We call upon governments, regulators, and industry peers to rally towards a sustainable and progressive environment in which these products are sold and marketed responsibly.”
ENDS
NOTES TO EDITORS
GTNF is the world’s leading conference discussing the future of tobacco and nicotine, running from 19 to 21 September in Seoul, South Korea.
Due to unforeseen circumstances, Kingsley Wheaton’s speech was delivered on his behalf by BAT’s Global Head of Business Communications, Jonathan Atwood.
About BAT
BAT is a leading, multi-category consumer goods business with a purpose to build A Better Tomorrow™ by reducing the health impact of its business through offering a greater choice of enjoyable and less risky products for adult consumers.
The company continues to be clear that combustible cigarettes pose serious health risks, and the only way to avoid these risks is not to start or to quit. BAT encourages those who would otherwise continue to smoke to switch completely to scientifically-substantiated, reduced-risk alternatives*†. In order to deliver this, BAT is transforming into a truly consumer-centric multi-category consumer products business.
BAT’s ambition is to have 50 million consumers of its non-combustible products by 2030 and to generate £5billion of New Categories revenue by 2025. BAT has set stretching ESG targets including achieving carbon neutrality for Scopes 1 & 2 by 2030 and eliminating unnecessary single-use plastic and making all packaging reusable, recyclable or compostable by 2025.
BAT employs over 50,000 people. The BAT Group generated revenue of £27.65 billion in 2022 and profit from operations of £10.5 billion.
The company’s Strategic Portfolio is made up of its global cigarette brands and a growing range of reduced-risk*† New Category tobacco and nicotine products and traditional non-combustible tobacco products. These include vapour, tobacco heating products, modern oral products including tobacco-free nicotine pouches, as well as traditional oral products such as snus and moist snuff. In the first half of 2023, we had 24 million consumers of our non-combustible products, a rise of 1.5 million on full year 2022.
* Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive.
† Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products, including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the U.S., are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance.
Forward-looking statements
This release contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. These include statements regarding our customer target ambition, New Categories revenue targets and our ESG targets.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this release are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found by referring to the information contained under the headings “Cautionary Statement” and "Group Principal Risks " in the 2022 Annual Report and Form 20-F of British American Tobacco p.l.c. (BAT).
Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov and BAT’s Annual Reports, which may be obtained free of charge from the BAT website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this release and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.
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