(Alliance News) - Shares in Weir Group PLC were lower early on Thursday, after the engineering firm committed to emission reductions within its broader value chain.
Glasgow-based Weir shares fell 2.8% to 1,778.00 pence each on Thursday in early trade. The wider FTSE 250 index was down 1.0%.
Weir, which provides engineering for the mining, infrastructure and oil & gas industries, said the new targets are in line with the science based targets initiative - a climate call to action to which thousands of companies have subscribed, including London listings Mulberry Group PLC and Aveva Group PLC.
Weir expects to publish its updated targets and have them validated during 2022.
Weir said it is turning to its broader value chain, where CO2 emissions beyond its own facilities, called Scope 3 emissions, are dominated by the use of its products and solutions in its customers' operations.
"Engineering innovative products and solutions that significantly drive down those emissions will not only deliver Weir's climate ambition but also that of our customers, and some of our technologies already offer energy savings of up to 40%," Weir said.
"We believe doing this is right for the world and for our business. We have a responsibility, and a shared interest, 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," the company added.
Weir said that further innovation to reduce energy consumption per tonne of ore processed will help drive emissions down.
Weir added: "But meeting SBTi expectations will also require broader energy transformation in mining and we are ready to partner with customers and the industry to help make that happen."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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