• New targets for absolute reductions of 30% in scope 1 and 2 emissions and 15% in scope 3 emissions across operations and value chain by 2030, versus a 2019 baseline
• Significant contribution to lower emissions expected from growing portfolio of technology-led solutions for sustainable mining
• Partnership will be required to drive broader mining sector transition to low-carbon energy

The Weir Group has submitted new, more ambitious scope 1,2 and 3 emissions reduction targets to the Science Based Targets Initiative (SBTi) for validation. This follows our 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 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.
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. Delivering them would mean that in 2030, an annual reduction of circa 4.2 million tonnes CO2e is achieved - which is 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. 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 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.

Commenting on the new targets, Jon Stanton, 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."

KeyFacts Energy Industry Directory: Weir Oil & Gas