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."
ABOUT WEYERHAEUSER
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.
FORWARD-LOOKING STATEMENTS
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
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SOURCE Weyerhaeuser Company