SEATTLE, Dec. 20, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced that the Science Based Targets initiative has approved the company's greenhouse gas reduction target as consistent with levels required to meet the goals of the Paris Agreement and to keep warming to 1.5°C globally. This designation is the highest available through the SBTi process and formally recognizes Weyerhaeuser's role in helping address the impacts of climate change.
The SBTi defines and promotes best practice in science-based target setting and independently assesses companies' targets as part of a global transition to a low-carbon economy. As part of this approval process, Weyerhaeuser committed to reduce its direct and indirect emissions — also known as scope 1 and 2 emissions, respectively — by 42 percent by 2030, and to reduce other emissions related to activities within the value chain — known as scope 3 emissions — by 25 percent per ton of production, also by 2030, and both against a 2020 baseline. These targets put Weyerhaeuser among a select group of companies leading on the path to net-zero emissions by 2050.
"We're proud to be the first company from our sector in North America to make these ambitious commitments and achieve this designation," said Devin W. Stockfish, president and CEO of Weyerhaeuser. "Sustainability is a core value and has guided our company for more than a century, and this important milestone builds on our strong ESG foundation and reflects our leadership and commitment to providing natural climate solutions through our working forests and wood products."
Weyerhaeuser expects to achieve these reduction targets primarily through energy efficiency projects, increased renewable energy usage, and supplier engagement, and the company will share progress annually in its sustainability reporting.
"Climate change is one of the most critical challenges of our time, and it will continue to grow in the decades to come without a concerted effort across all sectors, including ours with forests and forest products," said Ara Erickson, vice president of corporate sustainability. "That's why contributing to climate solutions is a key part of our sustainability strategy at Weyerhaeuser, and why we align our goals and work with the best-available science. Our commitment to further reduce our greenhouse gas emissions is another important step in our journey to show our employees, our customers, our communities and the world at large that we will continue to do our part to help — today and long into the future."
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 America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. 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 within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the company's intentions to achieve greenhouse gas emissions reduction targets within specified time periods. Forward-looking statements are generally identified by words such as "committed," "expects," "target," and "will," and similar words and expressions referencing future events and dates. Forward-looking statements are based on our current expectations and assumptions, the accuracy of which 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 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements and reports, including reports, registration statements, prospectuses, information statements and other filings with the Securities and Exchange Commission. Weyerhaeuser may not be able to achieve its emissions reduction goals within the time period specified, or at all; and if it does achieve these goals, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. 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. 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 – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342
SOURCE Weyerhaeuser Company