Weir receives 'A' score from CDP and publishes updated climate transition plan

Weir, a global leader in sustainable mining technology, has been awarded an 'A' score for climate transparency from CDP for the fourth consecutive year. Retaining the 'A' score reflects the Weir's continued leadership in emissions reduction, climate risk management, transparency and corporate governance on the path to a low-carbon economy. This recognition from CDP sits alongside a broader range of measures Weir is taking to address challenges facing the mining industry it supplies, supporting customers as they seek to scale up production while lowering environmental impact. It also coincides with Weir's publication of its updated climate transition plan.

Ongoing climate leadership

Mining plays a vital role in supplying the metals and minerals essential to a low-carbon future, but it remains a high impact, hard-to-abate sector in terms of greenhouse gas emissions. Most of Weir's climate impact, including CO₂e emissions and water risk, occurs downstream through the use of its engineered equipment at customer sites. In response, Weir has aligned its strategy to a net zero future and remains committed to enabling smart, efficient and sustainable mining in three ways:

·      Driving emissions within our operational control (scope 1 and 2) to net zero by 2050 

·      Ensuring our business and technology strategy aligns with supporting customers to decarbonise their operations 

·      Advocating for secure, affordable clean energy for mining regions, as well as climate target reform

Weir continues to demonstrate climate leadership across the business, including:

·      Delivering significant progress in reducing operational emissions, remaining well on track to meet its SBTi- approved 2030 scope 1 and 2 absolute GHG reduction targets¹.

·      Advancing sustainable mining technologies, for example by improving comminution efficiency, a process accounting for approximately 1% of global final energy consumption. By replacing conventional solutions with innovative technology combinations such as high pressure grinding rolls (HPGR), vertical stirred mills and advanced coarse mineral separation and flotation we help customers avoid up to 40% of energy use and up to 50% of CO₂ emissions.

·      Publishing Untapped: Mining's opportunity to unlock value through strategic water management and innovative technology, a report highlighting the critical role that water plays in mining's climate resilience and setting out a strategic vision for elevating water stewardship across the industry.

An updated climate transition plan

Last week, Weir published an updated climate transition plan, showing our high-level approach to align our business to a net zero world. It considers both a near-term 2030 view and a long-term 2050 horizon, as many elements of our strategic evolution are linked to external factors that will play out over the coming decades.

Advocacy for SBTi reform to go further

Following the Science Based Targets initiative (SBTi) consultation on its revised Corporate Net Zero Standard, Weir has welcomed SBTi's updated approach but called for further changes to engage more companies in hard-to-abate sectors to take practical steps towards decarbonisation.

Commenting on Weir's 'A' score and continued climate action, Jon Stanton, CEO of Weir said: 

"Joining CDP's 'A' list for the fourth year in a row reaffirms the strength and relevance of our climate strategy as we deliver mining technology for a sustainable future. As the industry grows to meet increasing demand for critical minerals, its ability to decarbonise will be a defining factor in long-term value creation. Our technology solutions, particularly for energy intensive processes like comminution, positions Weir at the centre of enabling this transition. We believe more can be done, both in action and advocacy, and we are proud to set out the next phase of our net zero pathway through a revised climate transition plan and continued dialogue on how to create the right frameworks for our industry."

Notes: 

1.     Weir's scope 1 and 2 target to reduce absolute CO2e by 30% by 2030 from a 2019 base year is approved by the Science Based Targets initiative (SBTi).

Disclaimer

This information includes 'forward-looking statements'. All statements other than statements of historical fact included in this release, including, without limitation, those regarding The Weir Group PLC's (the "Group") financial position, business strategy, plans (including development plans and objectives relating to the Group's products and services) and objectives of management for future operations, are forward-looking statements. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this document. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Past business and financial performance cannot be relied on as an indication of future performance.

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 and digital solutions enable 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 50 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).