Weir commits to more ambitious emissions targetsSource: RNS
Weir commits to more ambitious emissions targets
· New targets for absolute reductions of 30% in scope 1 and 2 emissions and 15% in scope 3 emissions across operations and value chain by 2030, versus a 2019 baseline
· Significant contribution to lower emissions expected from growing portfolio of technology-led solutions for sustainable mining
· Partnership will be required to drive broader mining sector transition to low-carbon energy
The Weir Group is pleased to announce it has submitted new, more ambitious scope 1,2 and 3 emissions reduction targets to the Science Based Targets Initiative (SBTi) for validation. This follows our commitment, in December 2021, to set SBTi targets.
The proposed new targets include absolute reductions in scope 1 and 2 emissions of 30% and scope 3 emissions of 15% by 2030, versus a 2019 baseline. The targets are more ambitious than our previous goals, set in 2020, in two ways:
· Switching from an intensity to an absolute emissions reduction basis will drive deeper cuts in scope 1 and 2 emissions.
· The new scope 3 commitment adds targets for emissions in Weir's upstream and downstream value chain for the first time.
These new targets will make a significant contribution to decarbonising the mining industry. Delivering them would mean that in 2030, an annual reduction of circa 4.2 million tonnes CO2e is achieved - which is equivalent to the annual CO2 emissions of almost 1 million petrol cars.
Weir is focused on developing engineered solutions for smarter, more efficient and sustainable mining, providing customers with new value adding technologies for use in the most energy intensive processes in the mine. With 97% of our total emissions falling within scope 3, over the lifetime of our products in use, we recognise that our biggest contribution to decarbonising mining will come from delivering sustainable solutions to accompany the industry's transition to low-carbon energy sources.
The mining industry is critical to the global energy transition as it extracts the raw materials needed to implement new, greener technologies. However, it is energy intensive and so has to meet this increasing demand while delivering on its own environmental commitments. Therefore, it is imperative that we actively partner with customers and others across the industry to drive the broader energy transition required.
Commenting on the new targets, Jon Stanton, CEO said:
"These new, more ambitious targets mark another important step in our strategy and strengthen our commitment to further reduce emissions from our own operations and in our wider value chain. Weir's products and solutions already have a positive impact on the energy efficiency of our customers' operations, but we recognise that more needs to be done. Our customers are pushing us to innovate lower carbon, more energy efficient solutions and we are stepping up to this. We continue to push boundaries at pace to develop smarter, more efficient and more sustainable solutions for the global mining industry that will enable the delivery of the natural resources essential to create a better future for the world."
Find out more about how we are making mining smarter, more efficient and sustainable at global.weir/sustainability
Investors: Edward Pears
Media: Sally Jones
Citigate Dewe Rogerson:
+44 (0) 141 308 3725
+44 (0) 141 308 3666
+44 (0) 207 638 9571
Notes to Editors
We have evaluated scenarios and developed clear pathways to deliver our new targets. For scope 1 and 2 this includes key assumptions on growth, operational efficiency, International Energy Agency grid greening scenarios, renewable supply and green contracts. For scope 3 the key assumptions relate to growth, product and solution efficiency, product mix, grid greening scenarios, customer commitments and energy mix.
About The Weir Group PLC
Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.11,000 employees operating in over 60 countries with a presence in every major mining region of the world. Find out more at www.global.weir.
Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).