Weir Group PLC Weir commits to more ambitious emissions targets (0466T)
20 Juillet 2022 - 8:00AM
UK Regulatory
TIDMWEIR
RNS Number : 0466T
Weir Group PLC
20 July 2022
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 CO(2) e is
achieved - which is equivalent to the annual CO(2) 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
Enquiries:
Investors: Edward Pears +44 (0) 141 308 3725
Media: Sally Jones +44 (0) 141 308 3666
Citigate Dewe Rogerson: +44 (0) 207 638 9571
Kevin Smith Weir@citigatedewerogerson.com
-------------------------------
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).
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