VANCOUVER, B.C., May 31, 2024
/CNW/ - Today, West Fraser Timber Co. Ltd. ("West Fraser" or
the "Company") (TSX and NYSE: WFG) released its 2023 Sustainability
Report. The report highlights the Company's sustainability
performance across a variety of environmental, social, and
governance goals.
"We have the privilege of delivering renewable building products
for the world," said Sean McLaren,
President and CEO, West Fraser. "I am proud of the work we have
done to date and the level of commitment shown across our whole
organization toward achieving our sustainability goals, but we have
more work to do."
"In 2024, we will make additional investments to help improve
our emissions profile; enter into joint stewardship arrangements
with some First Nations; and adjust our strategies as necessary to
ensure we remain on the path to becoming a sustainability leader,"
said McLaren.
2023 key achievements highlighted in the report include:
- Climate Action: West Fraser's climate strategy is
focused on measurement, evaluation and the prioritization of
actions to decarbonize our scope 1, 2 and 3 greenhouse gas emission
reduction targets that were validated through the Science Based
Targets initiative (SBTi) in April
2023, helping the Company work towards achieving net
zero.
- Sustainable Forest Management: In 2023, forest
management and fibre procurement requirements were modernized
across the Company in a new corporate-wide policy.
- Environment: Engagement began on the process of becoming
an early adopter of the Taskforce on Nature-related Financial
Disclosure (TNFD). Our membership was announced in January 2024.
- Safety: Safety remains our primary operating focus and
in 2023 we achieved our lowest rate in the Company's history for
serious injuries. Our commitment to continuously improve so that we
all go home safe each day remains our top priority.
- Indigenous Relations: Our work to achieve Progressive
Aboriginal Relations Gold-level certification by 2030 continues to
advance and new, innovative partnerships with Indigenous Nations
have been built and are expected to be formalized in 2024.
- Governance: Several new policies were introduced last
year including a Supply Chain and Human Rights Policy and a
Supplier Code of Conduct to help align contractors to share West
Fraser's values and commitment to business ethics and human
rights.
For more information, the full sustainability report is
available on westfraser.com, as an online document or full PDF.
About West Fraser
West Fraser is a diversified wood products company with more
than 60 facilities in Canada,
the United States, the
United Kingdom, and Europe. The Company produces lumber,
engineered wood products (OSB, LVL, MDF, plywood, and
particleboard), pulp, newsprint, wood chips, other residuals, and
renewable energy from responsibly sourced wood fibre. West
Fraser's products are used in home construction, repair and
remodelling, industrial applications, papers, tissue, and box
materials. For more information about West Fraser, visit:
westfraser.com.
Forward-Looking Statements
This news release contains forward-looking information or
forward-looking statements (collectively, "forward ‑looking
statements") within the meaning of applicable securities laws.
These forward-looking statements include, among other things,
our plans to make additional investments to help improve our
emissions profile, the Company's climate action strategy, including
our focus on actions to decarbonize our scope 1, 2 and 3 GHG
emission reduction targets, our SBTi commitment, and our plans to
work towards achieving net zero, our plans to adopt TNFD, our
commitments and ability to continuously improve our environmental,
social and governance performance, including safety as our top
priority, our plan to achieve Progressive Aboriginal Relations gold
certification by 2030, our plan to enter into innovative
partnerships with Indigenous Nations in 2024 and our plans to
continue becoming a sustainability leader. Any such
forward-looking statements are based on information currently
available to us and are based on assumptions and analyses made by
us considering our experience and our perception of historical
trends and current conditions and are subject to inherent risks and
uncertainties including the expectations and assumptions concerning
the implementation, performance and effectiveness of technology
needed to achieve our sustainability goals and priorities, our
access to sufficient capital and resources to undertake such
projects and plans, the laws and regulations which will apply to
our business, our ability to attract and retain skilled employees
to implement our goals, targets and plans, environmental compliance
costs generally, and assumptions regarding the development of our
business generally, risks associated with climate change and the
environment, risks associated with permitting, operational
problems, changes in laws and governmental regulations,
environmental compliance challenges, costs of compliance with
environmental and other laws and regulation, risks relating to the
development and use of new technology or lack of appropriate
technologies needed to advance our goals, competition for labour
and services and related shortages, natural disasters and adverse
weather conditions, general business and economic conditions and
the future operation and financial performance of the Company
generally. Readers should also refer to the risk factors set
forth in the Company's annual information form and management's
discussion and analysis for the year ended December 31, 2023,
each dated February 14, 2024, as updated in our quarterly
reports from time to time and other documents, available at SEDAR+
(www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can
be no assurance that the plans, intentions, or expectations upon
which forward-looking statements are based will be realized.
Actual results may differ, and the difference may be material
and adverse to the Company and its shareholders. Except as
may be required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking
statements. There can be no assurance that the plans,
intentions, or expectations upon which forward-looking statements
are based will be realized. Actual results may differ, and
the difference may be material and adverse to the Company and its
shareholders. Except as may be required by law, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
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SOURCE West Fraser Timber Co. Ltd.
