VANCOUVER, BC, June 21,
2023 /PRNewswire/ - West Fraser Timber Co. Ltd.
("West Fraser" or the "Company") (TSX and NYSE: WFG) today 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.
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. From responsibly
sourced and sustainably managed forest resources, the Company
produces lumber, engineered wood products (OSB, LVL, MDF, plywood,
and particleboard), pulp, newsprint, wood chips, other residuals,
and renewable energy. 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
approach to sustainability, statements related to our
environmental, social performance and governance strategies,
commitments, goals and targets and our ability to drive progress in
our performance, the Company's GHG reduction commitments and
related verification and the Company's ability to realize these
commitments and benefits accruing therefrom. 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 our ability to implement our approach to
sustainability successfully, our environmental, social performance
and governance strategies may not progress as planned, we are
unable to attract and retain skilled employees to implement our
goals, we face changes in the laws and regulations that apply to
our business, we may be unable to achieve the emissions reduction
goals within the time period specified or unable to implement the
required capital projects and plans to achieve such goals and
access sufficient capital and resources to undertake such projects
and plans. 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, 2022, each dated February 14, 2023, available at SEDAR
(www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml). 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.