West Fraser has committed to achieving near-term greenhouse gas (GHG) reductions across all its operations located in the United States, Canada, UK and Europe.
This comes as the company joins the Science Based Targets Initiative (SBTi), which helps companies to set emission reduction targets in line with climate science and Paris Agreement goals.
West Fraser has set the following specific GHG reduction targets:
- Reduce direct emissions under West Fraser’s operational control, Scope 1 GHG emissions, and indirect emissions from purchased energy, Scope 2 GHG emissions, by 46.2% by 2030 from a 2019 base year. These reductions are in line with a scenario which limits global temperature increases to 1.5°C, compared to pre-industrial levels.
- Reduce all other indirect emissions within West Fraser’s value chain, Scope 3 GHG emissions by 25% by 2030 from a 2020 base year. Scope 3 GHG reductions align with a scenario which limits global temperature increases to well-below 2°C, compared to pre-industrial levels.
To achieve the goals, West Fraser’s capital plans from 2022 forward include projects that will prioritise reducing GHG emissions, with an expected average annual capital expenditures on these projects being approximately $50 million (£38 million). West Fraser anticipates investing at least $400 million (£305 million) before 2030 to achieve the targets.
Commenting on the commitment, Ray Ferris, president and CEO of West Fraser, said: “Committing to science-based targets through our SBTi pledge is a natural next step for West Fraser. By committing to reducing emissions in line with climate science and the Paris Agreement goals by 2030, we are building on our solid legacy of sustainability performance of our products while enhancing the social, environmental and economic benefit in the communities in which we operate.”
