Weir Group PLC Weir's targets approved by SBTi
09 Mars 2023 - 08:00AM
UK Regulatory (RNS & others)
RNS Number : 3683S
Weir Group PLC
09 March 2023
09 March 2023
Weir's emissions reduction targets approved by SBTi
The Weir Group PLC (Weir), a global mining technology leader,
confirms that the new, more ambitious emissions reduction targets
we announced in July 2022 have been approved by the Science Based
Targets initiative (SBTi). The targets cover greenhouse gas (GHG)
emissions from Weir's own operations (scope 1&2) and value
chains (scope 3).
Our SBTi approved near-term science-based emissions reduction
targets are to:
-- Reduce absolute scope 1&2 GHG emissions by 30% by 2030 from a 2019 base year.
-- Reduce absolute scope 3 GHG emissions from use of sold
products by 15% within the same timeframe.
We believe that challenging ourselves to further reduce
emissions from our own operations and in our wider value chain is
right for the world and for our business. We have a responsibility
to minimise carbon emissions to help protect the future of the
planet, aligned with our purpose to enable the sustainable and
efficient delivery of the natural resources essential to create a
better future for the world.
We have already made good progress towards our targets, having
reduced our scope 1&2 GHG emissions by a cumulative 17% since
2019. In our broader value chain, the overwhelming majority, 97%,
of Weir Group's scope 1,2 & 3 combined footprint is
attributable to the use phase of our long-lifespan products and
solutions on our customers' sites. These are, in turn, our
customers' scope 1&2 emissions so we have a compelling shared
goal to reduce that footprint and our latest technologies are
already offering customers energy savings of up to 40%.
Our customers want access to more new technologies to solve
their biggest sustainability challenges. Weir's technology and
R&D roadmap is focused on five key themes, with voice of
customer at its core: Move less rock; Use less energy; Use water
wisely; Create less waste; and Boost with digital. Further
innovation to reduce energy consumption per tonne of ore processed
will help reduce emissions from mining even further.
We believe that companies should be transparent about how they
plan to mitigate and be resilient in the face of climate change.
Aligned with Task Force on Climate-related Financial Disclosures
(TCFD) recommendations, w e have developed our first climate
transition plan to provide full transparency on how we plan to
deliver against our climate targets. This will be i ncluded in our
2022 Annual Report, to be published in late March 2023.
Commenting on the announcement, Jon Stanton, CEO of the Weir
"The world is not moving fast enough to avoid the consequences
of climate change. We know the crucial role of metals in low-carbon
technologies which is why accelerated, collective action is needed
to transform the way metals are mined and produced. Mining needs to
scale up and clean up, and Weir's engineered solutions have an
important role to play in achieving that. The approval by SBTi of
our near-term science-based greenhouse gas reductions targets
reinforces our commitment to make mining smart, efficient and
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
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.12,000 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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(END) Dow Jones Newswires
March 09, 2023 02:00 ET (07:00 GMT)
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