West Fraser Releases 2023 Sustainability Report
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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.
