World's largest producer of renewable building
materials to materially reduce emissions by 2030
VANCOUVER, BC, Feb. 15, 2022 /CNW/ - West Fraser Timber Co.
Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) today
announced a commitment to set science-based targets to achieve
near-term greenhouse gas ("GHG") reductions across all its
operations located in the United
States, Canada,
United Kingdom and Europe. As the world's largest producer of
lumber and oriented strand board ("OSB") and a leading manufacturer
of other engineered wood and forest products, joining the Science
Based Targets Initiative ("SBTi") demonstrates the Company's
commitment to sustainability leadership and contribution to global
climate action.
SBTi helps companies to set emission reduction targets in line
with climate science and Paris Agreement goals. It
promotes best practice in science-based target setting and
independently assesses companies' targets. To accelerate corporate
climate action, SBTi is focused on significant reductions in global
emissions before 2030 and achieving net-zero emissions before
2050.
"Committing to science-based targets through our SBTi pledge is
a natural next step for West Fraser," said Ray Ferris, President & CEO, West Fraser.
"By committing to reduce emissions in line with climate science and
align with the Paris Agreement goals by 2030, we are building on
our solid legacy of sustainability performance of our products
while enhancing the social, environmental and economic benefit in
the communities in which we operate."
West Fraser has set the following specific GHG reduction
targets:
- Reduce direct emissions under West Fraser's operational
control, Scope 1 GHG emissions, and indirect emissions from
purchased energy, Scope 2 GHG emissions, by 46.2% by 2030 from a
2019 base year. These reductions are in line with a scenario which
limits global temperature increases to 1.5°C, compared to
pre-industrial levels.
- Reduce all other indirect emissions within West Fraser's value
chain, Scope 3 GHG emissions by 25% by 2030 from a 2020 base year.
Scope 3 GHG reductions align with a scenario which limits global
temperature increases to well-below 2°C, compared to pre-industrial
levels.
To achieve these goals West Fraser will expend capital and adapt
some operating practices, which will have broad benefits that
improve our business. The Company's capital plans from 2022 forward
include projects that will make reducing GHG emissions a priority.
It is expected the average annual capital expenditures on GHG
reduction projects to be approximately $50
million and fit within the overall capital budget going
forward. West Fraser anticipates investing at least $400 million before 2030 to achieve our
targets.
The SBTi process is initiated with a letter of commitment and
provides a period of two years to develop targets for SBTi
validation prior to organizational communication and
disclosure.
About West Fraser
West Fraser is a diversified wood
products company with more than 60 facilities in Canada, the United
States, the United Kingdom,
and Europe. From responsibly
sourced and sustainably managed forest resources, the Company
produces lumber, engineered wood products (OSB, LVL, MDF, plywood,
and particleboard), pulp, newsprint, wood chips, other residuals,
and renewable energy. West Fraser's products are used in home
construction, repair and remodelling, industrial applications,
papers, tissue, and box materials. For more information about West
Fraser, visit: westfraser.com
About Science Based Targets Initiative
The Science
Based Targets initiative ("SBTi") is a global body enabling
businesses and financial institutions to set ambitious emissions
reductions targets in line with the latest climate science. For
more information about SBTi, visit: sciencebasedtargets.org
Forward-Looking Statements
This news release contains
forward-looking information or forward-looking statements
(collectively, "forward-looking statements") within the meaning of
applicable securities laws, including those relating to changes in
the Company's management. These forward-looking statements include,
among other things, statements related to the Company's GHG
targets, commitments and goals, STBI validation, benefits accruing
from these initiatives and the statements related to the Company's
future allocation of capital, guidance and capital improvement
plans. Any such forward-looking statements are based on information
currently available to us and are based on assumptions and analyses
made by us considering our experience and our perception of
historical trends and current conditions and are subject to
inherent risks and uncertainties including our ability to achieve
the emissions reduction goals within the time period specified or
at all, our ability to undertake the required capital projects and
plans to achieve such goals and our access to sufficient capital
and resources to undertake such projects and plans. Readers should
also refer to the risk factors set forth in the Company's annual
information form and management's discussion and analysis for the
year ended December 31, 2021, each
dated February 15, 2022, available at SEDAR (www.sedar.com)
and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that
the plans, intentions, or expectations upon which forward-looking
statements are based will be realized. Actual results may differ,
and the difference may be material and adverse to the Company and
its shareholders. Except as may be required by law, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements.
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SOURCE West Fraser Timber Co. Ltd.