Weir achieves ‘A’ score from CDP

Weir Group PLC

06 February 2024

 

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 second year running, achieved 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. Retaining our 'A' rating in 2023 reflects our commitment to making mining smart, efficient and sustainable and our continued progress in executing our sustainability strategy. Achievements over the past year include:

·      Cutting absolute scope 1 and 2 emissions from our operations by 17% between 2019 and 2022.

·      Achieving approval from SBTi of our more ambitious 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.

·      Sharing our first climate transition plan, aligned to the Task Force on Climate-related Financial Disclosures (TCFD), providing full transparency on how we plan to deliver against our climate targets.

·      Launching new work, that is pioneering in our sector, to quantify the avoided emissions benefits of our mining technology solutions. The study shows that replacing conventional technology with innovative new solutions in a key mining process can cut energy use by 40% while also avoiding 50% of CO₂e emissions.

Weir is a leading supplier of innovative, highly engineered technology to the world's mining industry. A large proportion of our total emissions fall within scope 3, and so 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:

"Being placed for a second year on CDP's 'A List' recognises the excellent work of teams across Weir to reduce our own footprint, accelerate sustainable mining for our customers and help our stakeholders understand our approach and contribution to managing climate change. It reflects our commitment to our purpose of enabling the sustainable and efficient delivery of the natural resources essential to create a better future for our world."

Find out more about how we are making mining smart, efficient and sustainable at www.global.weir/investors/capital-markets-event-december-2022  

Read more about our transition plan in our 2022 Annual Report at www.global.weir/investors/reporting-centre/

Learn more about our avoided emissions study, highlighting significant energy saving opportunities in mining. 

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. In 2023, over 740 financial institutions with over US$136 trillion in assets requested companies to disclose data on environmental impacts, risks and opportunities through CDP's platform. A record-breaking 23,000 companies responded.

Enquiries:
Investors: Edward Pears Media: Sally Jones Citigate Dewe Rogerson: Kevin Smith	[phone] [phone] [phone] [e-mail]

Notes to Editors

The full list of companies that made this year's CDP A List, together with the full methodology and criteria is 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.12,000 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 740 financial institutions with over $136 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. Over 24,000 organizations around the world disclosed data through CDP in 2023, with more than 23,000 companies - including listed companies worth two thirds 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.

 

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