Last checked at 6 Jan 2022 07:00
Press Release 06 January 2022
Weir commits to set science-based targets to reduce climate impact
The Weir Group is pleased to announce that it has committed to set new Group-wide emission reductions in line with climate science and the Science Based Targets initiative (SBTi). This new commitment to strengthen our targets is an important step in Weir's strategy as we challenge ourselves to further reduce emissions from our own operations and in our wider value chain. 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.
We already have ambitious Scope 1 and 2 CO2e targets, covering Weir's own operations. But as we look at our broader value chain, CO2e emissions beyond our own facilities (Scope 3) are dominated by the use of our products and solutions in our 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%.
We expect to publish our updated targets and have them validated during 2022. Further innovation to reduce energy consumption per tonne of ore processed will help drive emissions down. 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.
Commenting on the announcement, Jon Stanton, CEO of the Weir Group said:
"Weir technology has been at the heart of transforming industries throughout our 150-year history and we have unique expertise in developing solutions that will help make mining more sustainable. Transforming the environmental footprint of the mining sector will not be easy but it is essential. Adopting science-based targets sees us stepping up our commitment to our customers, and society, to work in partnership to develop the solutions needed to tackle climate change head on."
Enquiries: | |
Investors: Stephen Christie | +44 (0) 141 308 3781 |
Media: Citigate Dewe Rogerson: | +44 (0) 207 638 9571 |
Chris Barrie / 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.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).