The Weir Group says it has submitted new, more ambitious Scope 1, 2 and 3 emissions reduction targets to the Science Based Targets Initiative (SBTi) for validation.
The move, which follows its commitment, in December 2021, to set SBTi targets, could see the company include absolute reductions in Scope 1 and 2 emissions of 30% and Scope 3 emissions of 15% by 2030, versus a 2019 baseline.
Weir Group explained: “The targets are more ambitious than our previous goals, set in 2020, in two ways:
- “Switching from an intensity to an absolute emissions reduction basis will drive deeper cuts in Scope 1 and 2 emissions; and
- “The new Scope 3 commitment adds targets for emissions in Weir’s upstream and downstream value chain for the first time.”
These new targets will make a significant contribution to decarbonising the mining industry, according to Weir. Delivering them would mean that, in 2030, an annual reduction of circa 4.2 Mt CO2e is achieved, equivalent to the annual CO2 emissions of almost 1 million petrol cars.
Weir is focused on developing engineered solutions for smarter, more efficient and sustainable mining, providing customers with new value-adding technologies for use in the most energy intensive processes in the mine, it says.
“With 97% of our total emissions falling within Scope 3, over the lifetime of our products in use, we recognise that our biggest contribution to decarbonising mining will come from delivering sustainable solutions to accompany the industry’s transition to low-carbon energy sources,” the company said.
“The mining industry is critical to the global energy transition as it extracts the raw materials needed to implement new, greener technologies. However, it is energy intensive and so has to meet this increasing demand while delivering on its own environmental commitments. Therefore, it is imperative that we actively partner with customers and others across the industry to drive the broader energy transition required.”
Jon Stanton, Weir Group CEO, 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.”