SEATTLE (News release) -- Weyerhaeuser Company 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."