This follows the company’s commitment in December 2021 to set SBTi targets.
The proposed new targets include absolute reductions in scope 1 and 2 emissions of 30% and scope 3 emissions of 15% by 2030, versus a 2019 baseline. The targets are more ambitious than the company’s previous goals, set in 2020. Switching from an intensity to an absolute emissions reduction basis will drive deeper cuts in scope 1 and 2 emissions, while the new scope 3 commitment adds targets for emissions in Weir’s upstream and downstream value chain for the first time.
Weir says that these new targets will make a significant contribution to decarbonising the mining industry. Delivering them would mean that in 2030, an annual reduction of around 4.2 million tonnes CO2e is achieved - which is equivalent to the annual CO2 emissions of almost 1 million petrol cars.
“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,” said Jon Stanton, CEO of Weir. “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.”