REG - Weir Group PLC - Weir commits to more ambitious emissions targets

WeirAnnouncement

20/07/2022 07:00

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RNS Number : 0466T  Weir Group PLC  20 July 2022

Weir commits to more ambitious emissions targets

·      New targets for absolute reductions of 30% in scope 1 and 2
emissions and 15% in scope 3 emissions across operations and value chain by
2030, versus a 2019 baseline

·      Significant contribution to lower emissions expected from growing
portfolio of technology-led solutions for sustainable mining

·      Partnership will be required to drive broader mining sector
transition to low-carbon energy

 

The Weir Group is pleased to announce it has submitted new, more ambitious
scope 1,2 and 3 emissions reduction targets to the Science Based Targets
Initiative (SBTi) for validation. This follows our commitment, in December
2021, to set SBTi targets.

The proposed new targets include absolute reductions in scope 1 and 2
emissions of 30% and scope 3 emissions of 15% by 2030, versus a 2019 baseline.
The targets are more ambitious than our previous goals, set in 2020, in two
ways:

·      Switching from an intensity to an absolute emissions reduction
basis will drive deeper cuts in scope 1 and 2 emissions.

·      The new scope 3 commitment adds targets for emissions in Weir's
upstream and downstream value chain for the first time.

These new targets will make a significant contribution to decarbonising the
mining industry. Delivering them would mean that in 2030, an annual reduction
of circa 4.2 million tonnes CO(2)e is achieved - which is equivalent to the
annual CO(2) emissions of almost 1 million petrol cars.

Weir is focused on developing engineered solutions for smarter, more efficient
and sustainable mining, providing customers with new value adding technologies
for use in the most energy intensive processes in the mine. With 97% of our
total emissions falling within scope 3, over the lifetime of our products in
use, we recognise that our biggest contribution to decarbonising mining will
come from delivering sustainable solutions to accompany the industry's
transition to low-carbon energy sources.

The mining industry is critical to the global energy transition as it extracts
the raw materials needed to implement new, greener technologies. However, it
is energy intensive and so has to meet this increasing demand while delivering
on its own environmental commitments. Therefore, it is imperative that we
actively partner with customers and others across the industry to drive the
broader energy transition required.

Commenting on the new targets, Jon Stanton, CEO said:

"These new, more ambitious targets mark another important step in our strategy
and strengthen our commitment to further reduce emissions from our own
operations and in our wider value chain. Weir's products and solutions already
have a positive impact on the energy efficiency of our customers' operations,
but we recognise that more needs to be done. Our customers are pushing us to
innovate lower carbon, more energy efficient solutions and we are stepping up
to this. We continue to push boundaries at pace to develop smarter, more
efficient and more sustainable solutions for the global mining industry that
will enable the delivery of the natural resources essential to create a better
future for the world."

Find out more about how we are making mining smarter, more efficient and
sustainable at global.weir/sustainability

 

 Enquiries:
 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 (mailto:Weir@citigatedewerogerson.com)

 

 

Notes to Editors

We have evaluated scenarios and developed clear pathways to deliver our new
targets. For scope 1 and 2 this includes key assumptions on growth,
operational efficiency, International Energy Agency grid greening scenarios,
renewable supply and green contracts. For scope 3 the key assumptions relate
to growth, product and solution efficiency, product mix, grid greening
scenarios, customer commitments and energy mix.

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 (http://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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