GlobalData offers a comprehensive analysis of Weyerhaeuser, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Weyerhaeuser‘s ESG performance. GlobalData’s company profile on Weyerhaeuser offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Weyerhaeuser, one of the world's largest private forest landowners, has set ambitious net-zero targets by 2040 and is actively working towards reducing its carbon emissions. The company aims to increase wood construction, which not only provides more housing opportunities but also reduces dependence on concrete and steel, which have higher environmental impacts. Weyerhaeuser is working with partners and associations to promote innovative wood building materials as a low-carbon option. In 2022, Weyerhaeuser achieved a 5% reduction in scope 1 and scope 2 greenhouse gas emissions compared to the baseline set in 2020. Its total emissions stood at 10.1 million mtCO2e.
The company recognizes the importance of working forests and wood products in contributing to climate change solutions. It is taking actions such as supporting the development of forest carbon projects, renewable energy installations, and mitigation banking. Weyerhaeuser is also actively engaged in the development of carbon accounting standards and is co-leading the second phase of the World Business Council for Sustainable Development's Forest Sector Net-Zero Roadmap.
Weyerhaeuser has implemented industry-leading carbon accounting practices and has completed the first external assurance of its greenhouse gas emissions inventory. The company has set an ambitious greenhouse gas reduction target that aligns with limiting warming to 1.5 degrees celsius. These ambitious objectives include a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions per unit of production by the year 2030. It has expanded its greenhouse gas inventory to include Scope 3 emissions, which cover emissions from the value chain.
In 2022, Weyerhaeuser continued its endeavors to emerge as a frontrunner in energy independence and sustainable, cost-effective operations. The company also incorporated greenhouse gas considerations into capital-planning processes, ensuring that all capital projects systematically account for their environmental impact and strategically allocate resources toward reducing its carbon footprint. These initiatives align with the commitment to the U.S. Department of Energy’s Better Plants program, aiming to enhance energy efficiency at manufacturing facilities by 10% between 2020 and 2030. The company is committed to managing its forests well in the face of climate change and ensuring they act as a natural climate solution. Weyerhaeuser is actively involved in initiatives such as the Forest to Frame Carbon Alliance and the development of key carbon accounting standards. It is also prepared to adapt and respond to the expected impacts of climate change.
Overall, Weyerhaeuser is taking significant steps to reduce its carbon emissions and contribute to climate change solutions. The company's focus on sustainable forestry practices and the promotion of wood construction as a low-carbon option demonstrates its commitment to addressing the global challenge of climate change.
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