SEATTLE, July 28, 2020 /PRNewswire/ -- Today, Weyerhaeuser Company (NYSE: WY) announced the launch of a new sustainability strategy that maps out ambitious commitments and goals for the next decade and beyond. Building on a solid foundation in environmental stewardship, social responsibility and strong governance, this new strategy demonstrates that sustainability is fully integrated into the company's day-to-day work, and it also intensifies Weyerhaeuser's focus in three critical challenge areas: contributing to climate change solutions, helping provide sustainable homes for everyone, and helping rural communities thrive.
"We believe our company has a unique and compelling contribution to make in the world," said Devin Stockfish, president and CEO of Weyerhaeuser. "Our forests and wood products have an important role to play in mitigating climate change by absorbing and storing carbon from the atmosphere. Our sustainable wood products — the ultimate green-building material — can help meet growing needs for affordable and sustainable housing. And as a company with significant operations in rural communities across North America, we have a powerful opportunity to help these communities thrive."
Weyerhaeuser is committed to making tangible progress in these three areas by 2030 as part of its new 3 by 30 initiative. Some actions involve continuing and strengthening existing work. Others involve engaging new partnerships and stakeholders, and driving innovation in new areas, including:
- Supporting the development of forest carbon markets and accounting, including committing to set a companywide, science-based greenhouse gas reduction target that aligns with the goal of limiting global warming to less than 2°C.
- Promoting the use of mass timber and other innovative wood-building materials, including helping to ensure sustainable building standards and tools include science-based assessments of wood products.
- Improving our overall Giving Fund strategy by implementing a community resource assessment process that supports community strengths and identifies greatest needs for investment.
"We know we can't solve these challenges alone, but we also know our vast forests and the essential products we make put us in a tremendous position to make a real difference," Stockfish said. "If we're able to move the dial in these areas over the next decade, we'll provide enormous value not just to Weyerhaeuser, but to people, communities and ecosystems around the planet."
This new strategy supports the company's vision to become the world's premier timber, land, and forest products company, and it also aligns with the global priorities of the United Nations Sustainable Development Goals. The strategy also addresses the broad — and vital — social impact of company policies, including ensuring the safety of employees, focusing on people development, building a diverse, equitable and inclusive culture, and supporting local communities.
"The past couple of months have brought into even sharper focus the urgency for companies to drive positive change and influence beyond their immediate operational footprints," Stockfish said. "Our new strategy reflects our commitment to meet that challenge, from keeping our employees safe through the COVID-19 pandemic to creating a truly inclusive environment for our people."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2019, we generated $6.6 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
This news release contains statements concerning the company's commitments, goals and future plans relating to its new sustainability strategy that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, with respect the development of forest carbon markets, greenhouse gas reduction targets, the development of science-based standards for assessing the use of wood-building products and other items described in the news release. Forward-looking statements are generally identified by words such as "believe," "project," "expect," "anticipate," "commitment," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar words and expressions. Forward-looking statements are based on our current expectations, plans and assumptions. The realization of our expectations, plans and strategies, and the accuracy of our assumptions, are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in our 2019 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.
It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events, plans or goals anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
For more information contact:
Analysts – Beth Baum, 206-539-3907
Media – Nancy Thompson, 919-861-0342
SOURCE Weyerhaeuser Company