West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) released its 2022 Sustainability Report, providing a comprehensive disclosure on topics such as climate action, sustainable forestry and environmental performance as well as a newly developed social performance strategy outlining priorities in areas including safety, diversity, equity and inclusion and Indigenous relations.
“As a company founded nearly 70 years ago, we understand the importance, and necessity, of doing the right thing for the environment, our communities and our employees while sustainably and profitably growing our business,” said Ray Ferris, President & CEO.
“In 2022, we took important steps towards achieving our goal of being a sustainability leader,” said Ferris. “Building on our foundations, we continued the work to advance robust and credible environmental and social goals and targets to guide the Company’s next chapter.”
In February 2022, West Fraser became one of the first Canadian forest products companies to commit to reducing our scope 1 and 2 greenhouse gas (GHG) emissions by 46.2% and scope 3 by 25%, by 2030. This commitment has since been validated by the Science Based Targets Initiative (SBTi) in April 2023. To ensure our work aligns with international expectations we also joined the United Nations Global Compact, solidifying our commitment to the UN Sustainable Development Goals (SDGs), which guide our work in every community where West Fraser operates.
A social performance strategy was developed to establish meaningful ambitions and goals to progress our social performance and frame future disclosures. This work includes a strong focus on people and company culture, reflecting not only West Fraser’s long-held values but a commitment to a safer, healthier, more diverse, equitable and inclusive workforce.
“Looking ahead, ambitious but credible targets, with valid, verified, achievable pathways to meet those targets, will continue to be a hallmark of our approach to sustainability,” said Ferris.
For more information, the full sustainability report is available on westfraser.com, as an online document.
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