Summit Materials, Inc. (NYSE: SUM, “Summit,” or the “Company”),
a leading vertically integrated construction materials company,
today announced the publication of its 2021 Environmental, Social,
and Governance Report and its inaugural Diversity, Equity, and
Inclusion Report. These reports provide an update on the Company’s
progress toward its environmental, social, and governance
initiatives and outline its updated long-term goals.
CEO of Summit Materials, Anne Noonan, commented, "Our three
North Star Pillars of Human/Social Impact, Land Reclamation, and
Carbon Reduction, and their associated targets, demonstrate
Summit’s commitment to becoming the most socially responsible
construction materials provider and helping our communities in
building a better and more sustainable future.”
“We’ve made important progress this last year,” said Anne, “and
will continue to champion our three pillars across our businesses
to contribute to meaningful change in our industry and
communities.”
As the world transitions to a lower-carbon future and customers
and investors increasingly seek strong financial, operational and
ESG performance, Summit’s targets are designed to foster social
responsibility, business resiliency, and value creation. The
sustainability initiatives align with the company’s three North
Star Pillars developed through a strategic assessment as an
integral part of its Elevate Summit Strategy.
Human/Social Impact:
With a dedicated focus on seeking to ensure employees and their
communities are valued and can thrive, the Company is focused on
increasing safety ownership and employee engagement, reducing
employee turnover, and increasing diversity throughout its employee
base. FY21 Highlights include:
- In 2021, our safety recordable incident rate improved by
approximately 9% and our preventable vehicle incident rate improved
by approximately 33% over 2020.
- Gender parity achieved at the Board and executive officer
level.
- Committed to greater transparency and clarity around our
Diversity, Equity, and Inclusion (DE&I) strategy, detailed in
the reports published this month.
- Launched an employee stock purchase plan and companywide
engagement survey – a vital process to listen to and understand
employees’ needs.
Land Reclamation:
Summit Materials is committed to measuring every drop of water
the Company consumes and returning land better than when Summit
found it. FY21 progress includes:
- Received Wildlife Habitat Council (WHC) Gold Certification for
the conservation program at its Davenport Cement plant, which was
just named a finalist for the 2022 WHC Wetlands and Water Bodies
Project Award.
- On-going installation of automated wash out systems at many of
the company’s ready-mix sites to manage water usage.
- Continued use and development of closed loop water systems to
reduce freshwater withdrawn.
- Progressing a comprehensive, companywide reclamation policy in
consultation with stakeholders, which Summit expects to publish in
2023.
Carbon Reduction:
Summit aims to become a leader in the industry by striving to
reduce our carbon emissions by 25% in 2030 and reach net zero by
2050. FY21 highlights include:
- Reporting a 4% reduction in Global Scope 1 emissions relative
to the Company’s 2020 baseline.
- Piloting systems that inject recycled CO2 into fresh concrete
to reduce its carbon footprint without compromising performance,
and planning to install the systems at additional ready-mix
locations in 2022.
- Leveraging telematics in all Summit-owned over the road
vehicles to track fuel consumption and emissions.
- Launching project to convert generator-powered assets to line
power to accelerate a longer-term transition to renewable
power.
- Helping develop and then sign the Portland Cement Association’s
Roadmap to Carbon Neutrality.
- Completing the conversion of its Davenport plant to Portland
Limestone Cement (PLC), which will help reduce carbon emissions in
the production of cement.
“We are excited to make quantifiable 2030 and 2050 commitments
to address climate change, land, and water use as well as
diversity, equity, inclusion, and employee engagement goals at
Summit Materials,” said Karli Anderson, Chief Environmental,
Social, and Governance Officer and Head of Investor Relations at
Summit. “The progress we’ve made moving from assessing our impact,
to creating targets and strategies to meet them, serves as a
testament to our efforts to help build a more sustainable future. I
believe what makes Summit unique is a dedication to social
responsibility that permeates our business – from many of our
front-line leaders, to our mid-level managers, to our leadership
team. This is just the beginning.”
To learn more about the Summit’s ESG success and specific
long-term 2030 and 2050 targets, ESG initiatives, visit the
Summit Materials Sustainability Page.
About Summit Materials
Summit Materials is a leading vertically integrated
materials-based company that supplies aggregates, cement, ready-mix
concrete and asphalt in the United States and British Columbia,
Canada. Summit is a geographically diverse, materials-based
business of scale that offers customers a single-source provider of
construction materials and related downstream products in the
public infrastructure, residential and nonresidential, and end
markets. Summit has a strong track record of successful
acquisitions since its founding and continues to pursue growth
opportunities in new and existing markets. For more information
about Summit Materials, please visit www.summit-materials.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include all statements
that do not relate solely to historical or current facts, and you
can identify forward-looking statements because they contain words
such as “believes,” “expects,” “may,” “will,” “should,” “seeks,”
“intends,” “trends,” “plans,” “estimates,” “projects” or
“anticipates” or similar expressions that concern our strategy,
plans, expectations or intentions. These forward-looking statements
are subject to risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
different from future results, performance or achievements
expressed or implied by such forward-looking statements. We derive
many of our forward-looking statements from our operating budgets
and forecasts, which are based upon many detailed assumptions.
While we believe that our assumptions are reasonable, it is very
difficult to predict the effect of known factors, and, of course,
it is impossible to anticipate all factors that could affect our
actual results.
In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by us or any
other person that the results or conditions described in such
statements or our objectives and plans will be realized. Important
factors could affect our results and could cause results to differ
materially from those expressed in our forward-looking statements,
including but not limited to factors impacting the Company’s
inability to achieve its environmental, social and governance (ESG)
targets within the projected timelines or in the projected manner,
the inability to achieve its Diversity, Equity and Inclusion
initiatives and targets within the projected timelines or in the
projected manner, the inability to reduce turnover at the desired
levels and within the desired timelines, the inability to achieve
targeted employee engagement levels within desired timelines, the
lack of economically viable market-based CO2e offsets and credits,
the performance of our environmental management system, the
performance of existing technology related to CO2e emission
reductions, the development of future technologies related to CO2e
emissions, the continued evolution and development of ESG
methodologies, frameworks and standards, market adoption of
products with less environmental impact, including without
limitation, Portland Limestone Cement, the ability to reduce
turnover at the desired levels and within the desired timelines,
and the factors discussed in the section entitled “Risk Factors” in
Summit’s Annual Report on Form 10-K for the fiscal year ended
January 1, 2022 as filed with the Securities and Exchange
Commission, as such may be updated by our subsequent filings. We
undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220405005974/en/
Investor Contact Karli Anderson EVP, Chief ESG Officer
and Head of Investor Relations Summit Materials, Inc.
Karli.Anderson@summit-materials.com 303-875-3886
Media Contact Deb Coffman Manager, External
Communications Summit Materials, Inc.
Deb.Coffman@summit-materials.com
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