Last checked at 13 Dec 2022 07:00
Weir achieves 'A' score from CDP for transparency on climate change
The Weir Group, a global mining technology leader, is delighted to announce it has, for the first time, secured a place on CDP's prestigious 'A List' for its leadership in corporate transparency and performance on climate change.
The A List recognises companies that are leading the way in cutting emissions, mitigating climate risks and contributing to the low-carbon economy. Our 'A' rating in 2022 is an improvement on our A- score in both 2020 and 2021 and reflects our substantial progress in executing our sustainability strategy. This includes:
· Cutting absolute scope 1 and 2 emissions from our operations by 15% between 2019 and 2021.
· Sharing our strategies to respond to the risks and opportunities presented by climate change, as part of a comprehensive Task Force on Climate-related Financial Disclosures (TCFD) report.
· Committing to new, more ambitious SBTi-aligned targets to reduce our absolute scope 1 and 2 CO2e emissions by 30% and absolute scope 3 CO2e emissions by 15% across operations and value chain by 2030, versus a 2019 baseline. The targets have been submitted for review and validation by SBTi.
· Publishing the results of our first scope 3 CO2e emissions study which showed that 97% of Weir's emissions come from scope 3 emissions from our products in use by our customers.
Weir is a leading supplier of innovative, highly engineered technology to the world's mining industry and with a large proportion of our total emissions falling within scope 3, our biggest contribution to tackling climate change will come from providing sustainable solutions for our customers.
Commenting on Weir's A score, Jon Stanton, CEO said:
"Achieving a place on CDP's 'A List' validates our purpose to enable the delivery of the natural resources essential to create a better future for the world and reflects our strong commitment to making mining smart, efficient and sustainable. It recognises the tremendous effort of teams across Weir to cut emissions in our own facilities, help our customers achieve their sustainability ambitions and support our stakeholders' understanding of our business' contribution to managing climate change."
Find out more about how we are making mining smart, efficient and sustainable at www.global.weir/investors/capital-markets-event-december-2022
Read our TCFD report and results of our scope 3 emissions study in our 2021 Annual Report at www.global.weir/investors/reporting-centre/
CDP's annual environmental disclosure and scoring process is widely recognised as the gold standard of corporate environmental transparency. In 2022, over 680 investors with over US$130 trillion in assets and 280 major purchasers with US$6.4 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP's platform.
Enquiries: | |
Investors: Edward Pears Media: Sally Jones Citigate Dewe Rogerson: Kevin Smith | +44 (0) 141 308 3725 +44 (0) 141 308 3666 +44 (0) 207 638 9571 Weir@citigatedewerogerson.com |
Notes to Editors
The full list of companies that made this year's CDP A List, together with the full methodology and criteria for the A List, are available on CDP's website at:
https://www.cdp.net/en/companies/companies-scores
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).
About CDP
CDP is a global non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.