9th Mar 2023 10:58
(Alliance News) - Weir Group PLC on Thursday said that new and "more ambitious" emission targets have been approved by the Science Based Targets initiative.
The Glasgow-based mining technology company said the targets, announced in July last year, cover greenhouse gas emissions from Weir's operations and its value chains.
The company aims to reduce absolute greenhouse emissions from its own operations by 30% by 2030, from 2019 as the base year, as well as reduce emissions from the use of sold products by 15%, also by 2030.
Weir noted that it has made progress towards the targets, having cut emissions from its operations by 17% since 2019.
The company added that 97% of its value chain emissions come from the use of long-lifespan products on customer sites. Weir's latest technologies are offering energy savings of 40%, the firm said. Future innovation in reducing energy consumption per tonne of ore processed will also help to reduce mining emissions, it added.
Weir has created a climate transition plan, which it says will "provide full transparency on how we plan to deliver against our climate targets".
Cheif Executive Officer Jon Stanton said: "The world is not moving fast enough to avoid the consequences of climate change. We know the crucial role of metals in low-carbon technologies which is why accelerated, collective action is needed to transform the way metals are mined and produced.
"Mining needs to scale up and clean up, and Weir's engineered solutions have an important role to play in achieving that. The approval by SBTi of our near-term science-based greenhouse gas reductions targets reinforces our commitment to make mining smart, efficient and sustainable."
Weir shares fell 1.2% to 1,962.16 pence each in London on Thursday morning.
By Harvey Dorset, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.