Weir submits 'more ambitious' emissions reduction targets

Engineering firm Weir has submitted "more ambitious" scope 1,2 and 3 emissions reduction targets to the Science Based Targets Initiative for validation.

Weir said on Wednesday that will now target absolute reductions of 30% in scope 1 and 2 emissions and 15% in scope 3 emissions, versus a 2019 baseline, across its operations and value chain by 2030.

The FTSE 250-listed group stated its new targets would make "a significant contribution" to decarbonising the mining industry and said delivering them would mean that in 2030, an annual reduction of roughly 4.2m tonnes CO2e would be achieved - equivalent to the annual CO2 emissions of almost 1.0m petrol cars.

Weir aims to reach its goals by switching from an intensity to an absolute emissions reduction basis, which will drive deeper cuts in scope 1 and 2 emissions, while its new scope 3 commitment adds targets for emissions in its upstream and downstream value chain for the first time.

Chief executive Jon Stanton 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."

Reporting by Iain Gilbert at Sharecast.com