The SBTi is therefore leading efforts to define and develop metrics around what net-zero looks like for financial institutions to decarbonize the real economy and is launching its Net-Zero Foundations for Financial Institutions: Draft for Public Consultation on 10 November 2021. Case study - Schroders Schroders is a global asset management firm headquartered in London. The SBTi has efforts underway to develop more 1.5C sectoral pathways, like the one published by the SBTi for the power sector in June 2020 and will take into consideration the publication of upcoming scenarios from both IPCC AR6 and IEA. Input costs for the Europe EWP business are expected to remain elevated in the near-term, due primarily to higher electricity, energy and resin costs. Find out more about our fossil fuel policy. Near-term challenges, including rising interest rates, ongoing geopolitical developments and inflationary pressures, are expected to cause a temporary slowing of demand for our products in Europe, however, we are confident that we will be able to navigate through these periods and capitalize on opportunities for long-term growth ahead. Forward-looking statements included in this news release include references to the following and their impact on our business: By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. The cement industry is responsible for 7% of CO2 emissions globally.To get on track with the Net Zero Emissions by 2050 scenario the sector must cut its These criteria apply only to companies that are not classified as financial institutions and Small and Medium Enterprises (SMEs). Through our regional disclosure workshops, we provided valuable support, updates, thought leadership and networking, tailored to your region, enabling you to make the most of the disclosure process and take more effective environmental action. As of October25, 2022, 9,725,139 shares have been repurchased under the current NCIB, leaving 468,861 shares available to purchase at our discretion until the expiry of the NCIB. However, based on our current outlook and owing to lengthening lead times for projects underway or planned, we anticipate that there will be a carryover of capital spending into 2023 for projects in progress, and as such we now expect to invest approximately $450 million in 20221. Register for Session 1 here: 10:00 am (GMT), Register for Session 2 here: 09:00 am (ET) / 1:00 pm (GMT). The Cement Science Based Target Setting Guidance launches today to enable companies in the cement and concrete industry to set near-and long-term science-based targets in line with 1.5C for the first time.. Business leaders have a critical role to play in steering their organizations towards a future where humanity and nature will thrive. Contact the SBTi Aviation Project Team at [emailprotected]. Continuing the webinar we had on the SBTi methodology of financial institutions in October 2021, we will invite large financial institutions to share their experiences with science-based targets, from pre-commitment assessments to approval of their targets. stumpage rates are expected to decrease again early in 2023. In the third quarter of 2022, we repurchased 2,223,633 shares under our Normal Course Issuer Bid ("NCIB") for aggregate consideration of $182 million. Participants will be given an overview of the types of submission, Online Reporting System (ORS) tools and important technical functions that go along with submitting their response to CDP. It will provide training for companies looking to understand the 2022 Forests questionnaire, the reporting guidance, and changes made to the questions. transportation constraints may continue to negatively impact our ability to meet projected shipment volumes; the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved; various events that could disrupt operations, including natural, man-made or catastrophic events including wildfires and any state of emergency and/or evacuation orders issued by governments and ongoing relations with employees; impact of future cross border trade rulings or agreements; implementation of important strategic initiatives and identification, completion and integration of acquisitions; impact of changes to, or non-compliance with, environmental or other regulations; the impact of the COVID-19 pandemic on our operations and on customer demand, supply and distribution and other factors; government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our ability to achieve our SBTi commitment for the reduction of greenhouse gases as planned; continued governmental approvals and authorizations to access timber supply; changes in government policy and regulation, including actions taken by the Government of. assumptions in connection with the economic and financial conditions in the U.S.. continued increases in interest rates and inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products; global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products; risks inherent to product concentration and cyclicality; effects of competition for logs and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs; availability and costs of transportation services, including truck and rail services, and port facilities, the impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services and the continuation of transportation constraints in. The CDP 2022 Disclosure Workshop Series took place throughout April, May and June, and covered a range of content on different elements of environmental disclosure. CDP Canada Workshop | Resources available shortly |. We paid $27 million of dividends in the third quarter, or $0.30 per share, and declared a $0.30 per share dividend payable in the fourth quarter. 1. Capital expenditures in the third quarter were $147 million. impact of weather and climate change on our operations or the operations or demand of its suppliers and customers; ability to implement new or upgraded information technology infrastructure; impact of information technology service disruptions or failures; impact of any product liability claims in excess of insurance coverage; risks inherent to a capital intensive industry; impact of future outcomes of tax exposures; potential future changes in tax laws, including tax rates; investigations, claims and legal and tax proceedings covering matters in the ordinary course of business activities that are subject to various uncertainties which if resolved unfavourably may result in a loss to the Company; effects of currency exposures and exchange rate fluctuations; availability of financing, bank lines, securitization programs and/or other means of liquidity; continued integration of the Norbord business; continued access to timber supply in the traditional territories of Indigenous Nations; the risks and uncertainties described in our 2021 Annual MD&A and Q3-22 MD&A; and. Please see our cookie policy and privacy policies for details. The SBTi has one goal: to reduce global greenhouse gas emissions. The SBTi uses 5 core criteria to assess company targets. The Target Validation Protocol describes the underlying principles, process, and criteria followed to assess targets and to determine conformance with the SBTi Criteria. Our team continues to prioritize financial discipline as we navigate near-term market uncertainties to ensure we are best positioned to take advantage of the more favourable demand markets we envision over the medium and longer term. The Forest, Land and Agriculture (FLAG) Science Based Target Setting Guidance provides businesses in land-intensive sectors such as food, agriculture and forestry with the tools to play their part in preventing the catastrophic impacts of climate change. On September 28, the Science Based Targets initiative (SBTi) is launching the worlds first Standard for companies in land-intensive sectors such as food, agriculture and forestry, to set science-based targets that include land-based emissions reductions and removals - the Forest, Land and Agriculture (FLAG) Science Based Target Setting Guidance. All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise. The SBTis Net-Zero Standard for financial institutions will bring the clarity and scientific basis the sector needs to achieve net-zero by 2050. In this webinar our Reporter Services will discuss the benefits of their services in-dept and how they can help you integrate information on climate change, forests, and water security into your wider business strategy. And two-thirds of the targets approved by the SBTi in 2020 used the ACA method to set targets limiting global warming to 1.5C. The guidance is applicable to all financial services industries prioritised by the TNFD (as defined in the v0.2 beta release): Banks; Insurance companies; Asset managers and asset owners; and, ", "To that end, with the support of the local community, we are pleased to announce the planned addition of a new state-of-the-art lumber manufacturing complex with the brownfield development at our Henderson, Texas facility. Science-based targets show companies and financial institutions how much and how quickly businesses need to reduce their GHG emissions to prevent the worst impacts of climate change - leading them on a clear path towards decarbonization. Science-based targets to reduce greenhouse gas emissions enable companies to demonstrate concrete sustainability commitments to increasingly-conscious consumers. The emissions from forestry and agricultural production, land use change and land management, included on-farm vehicle and fertilizer production) in their targets or disclosures due to the lack of available guidance and methods - until now. This webinar will take an in-depth look at CDPs Forests questionnaire, including tips, key resources, and the benefits of disclosure. Our Q3-22 MD&A and unaudited interim condensed consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") website at www.sec.gov/edgar.shtml under the Company's profile. Furthermore, economic intensity indicators (e.g. Over time, the SBTis analysis of and experience assessing targets using economic allocation and intensity methods revealed that they can often lead to high absolute increases in emissions when used by fast-growing companies and therefore dont support the goals of the initiative. Results Summary. The Group has set investment portfolio targets for all classes required under the SBTi Financial Institution guidance. This estimate is subject to the risks and uncertainties identified in the Company's 2021 Annual MD&A and Q3-22 MD&A. By the Science Based Targets initiative Steering Committee: Alberto Carrillo Pineda (CDP), Heidi Huusko (UN Global Compact), Cynthia Cummis (WRI), Alexander Farsan (WWF). Boundary. It will be easier for companies to solve both issues at once by setting science-based targets for both nature and climate. Aluminium. In this High Level Talks webinar, one of our ASPs, Plantar Carbon, will share its knowledge on carbon pricing, with a focus on markets. A new progress report from the SBTi showed the process is working the typical company with science-based targets has reduced its direct (scope 1 and 2) emissions at a linear rate of 6.4% per year, exceeding the 4.2% rate needed to limit warming to 1.5C, according to pathways derived from climate scenarios. This webinar highlights the main water risks facing businesses, the growing need for corporate water data, and the importance of CDP Water Security disclosure. This webinar provides an overview of Chinas latest environmental disclosure requirements and how CDP can support Chinese companies to prepare ahead of the regulations. Indian company Wipro faces a unique challenge with its electricity footprint - discover how the company is reaching its target of 100% renewable energy by 2030. It will provide training for companies looking to understand the 2022 Forests questionnaire, the reporting guidance, and changes made to the questions. as the SBTi drives ambitious corporate climate action. As of 2019, companies who signed up to the SBTi had operational emissions totaling over 750 million tons of carbon dioxide more than the annual emissions of France and Spain put together. Apparel and footwear. CDP China 2022 Disclosure Kickoff Webinar (in Mandarin) | Recording below |. 2022 Forests Disclosure Workshop (in Bahasa Indonesia) | Watch recording |. With more and more companies committing to set science-based targets there will continue to be conversations about which methods work best. aviation, cement production, etc.). We must transform the way we live and do business in a way that protects the global commons - our shared natural resources. The SBTN builds on the momentum of the Science Based Targets initiative (SBTi). The SBTi launches the worlds first standard method to cover land-related emissions and removals, SBTi launches world first 1.5C science-based framework to decarbonize the cement industry, The SBTi is partnering with Mott MacDonald to progress the Oil and Gas Sector Project, Confirmation: add me to general mailing list, Do not add me to the SBTi general mailing list, Science Based Targets. The following tables reconcile Adjusted EBITDA by segment to the most directly comparable IFRS measures for each of our reportable segments. Examples of this include the fluctuation of commodity prices, inflation, or changes in the relative contribution of different business activities to a companys bottom line. Please see our cookie policy and privacy policies for details. It continually updates the framework to incorporate lessons learned and adhere to what the latest climate science says is necessary to meet the goals of the Paris Climate Agreement limiting global warming to 1.5C above pre-industrial levels or well-below 2C. Commitment period must cover a minimum of 5 years and a maximum of 15 years from the date Join our mailing list to receive our newsletters and stay up-to-date SBTi and Guidehouse are continuing our work to develop this guidance and to establish 1.5C-aligned emissions reduction pathways for high-impact subsectors in the industry. as the SBTi drives ambitious corporate climate action. The Group has set investment portfolio targets for all classes required under the SBTi Financial Institution guidance. This session will offer insights into the 2022 scoring methodologies and resources to better understand how questionnaires are scored and how companies can advance their environmental practice in the future. 1122330VAT registration no: 923257921A company limited by guarantee registered in England no. To that end, the SBTi is committed to providing transparent insight into our decisions and how they change over time for the sake of a better future. Indian company Wipro faces a unique challenge with its electricity footprint - discover how the company is reaching its target of 100% renewable energy by 2030. Companies within land-intensive sectors (e.g., food/forestry) or those with land-related emissions that contribute 20% or more of their overall emissions will now be required to set FLAG science-based targets. Aviation. Similar to the Opelika, Alabama and Dudley, Georgia modernizations in recent years, the Company is planning to construct the new mill next to the existing Henderson mill in order to leverage the positive attributes of the local ecosystem, including a robust fibre basket, close proximity to key end-markets, a strong workforce, and existing residuals outlets and transportation infrastructure. In 2021, the SBTi plans to update this initial set of criteria based on lessons learned in the target validation pilot phase for financial institutions (See Chapter 8 of the Financial Sector SBT Guidance for more information on committing and submitting targets to SBTi). It will introduce the structure of The Federal Financial Institutions Examination Council (FFIEC) has issued a booklet with guidance on evaluating development and acquisition activities. It is critical that any natural climate solutions adopted to sequester carbon, also reverse nature loss. The webinar is designed for companies looking to understand the Water Security questionnaire and changes to the Water Security questions in 2022. This virtual event will introduce the SBTi FLAG Guidance and discuss how businesses in this sector can set robust FLAG emissions reduction targets, account for GHG removals and accelerate their decarbonization efforts to keep the 1.5C global temperature target within reach. The Target Validation Protocol describes the underlying principles, process, and criteria followed to assess targets and to determine conformance with the SBTi Criteria. This years workshop will highlight how CDP can support Taiwanese companies to get prepared for mandatory TCFD-aligned disclosures starting in 2023, and learn about the value of developing a low-carbon transition plan. 3. Guidance to support companies in the aviation sector to model science-based targets to reduce their emissions and prevent the worst effects of climate change. West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the third quarter results of 2022 ("Q3-22"). 2022 Beginner Disclosure Workshop (in Japanese) | Watch recording |. #sciencebasedtargets. And we are reaching a point of no return for nature too. Leading the decade of delivery | Resources below |. The SBTi involves financial institutions setting targets covering their own operations (scope 1 emissions), purchased electricity and heat (scope 2 emissions) and investment portfolio (scope 3 emissions, category 15). Our guidance supports companies to reduce the fashion industry's emissions footprint. The SBTi launches the worlds first standard method to cover land-related emissions and removals, SBTi launches world first 1.5C science-based framework to decarbonize the cement industry, The SBTi is partnering with Mott MacDonald to progress the Oil and Gas Sector Project, Confirmation: add me to general mailing list, Do not add me to the SBTi general mailing list, Science Based Targets. SBTi, with assistance from Guidehouse, completed the scoping phase of this project in 2020. Gain valuable support along your CDP disclosure journey with the CDP UK & WW Team. Forest, Land and Agriculture (FLAG 28 September 2022 The SBTi launches the worlds first standard method to what is the science based targets initiative (sbti)? SBTi is developing separate guidance for private equity firms to set targets on their most relevant asset classes, using methods available in the SBTi finance guidance. The SBTi launches the worlds first standard method to cover land-related emissions and removals, SBTi launches world first 1.5C science-based framework to decarbonize the cement industry, The SBTi is partnering with Mott MacDonald to progress the Oil and Gas Sector Project, Confirmation: add me to general mailing list, Do not add me to the SBTi general mailing list, Science Based Targets. Work at the Allendale OSB facility is ongoing to prepare the mill for an eventual restart when warranted by customer demand. We use cookies to improve your experience on our site. This presents a major opportunity to businesses to increase competitiveness and drive innovation while helping restore balance to nature. For the purposes of target validation by SBTi, an SME is defined as a non-subsidiary, Financial institutions and oil and gas companies are not able to set targets at this time, regardless of be invited to submit targets in line with the new sector guidance and criteria. We expect these factors to persist through the remainder of 2022 and into 2023. This report reviews the Company's key Environmental, Social, and Governance ("ESG") performance and includes information aligned with the Sustainable Accounting Standards Board ("SASB"), Global Reporting Initiative ("GRI"), the Task Force on Climate-Related Disclosures ("TFCD") and CDP (formerly the Carbon Disclosure Project). employees), educational institutions or non-profit organizations. All Rights Reserved. Following management's discussion of the quarterly results, investors and the analyst community will be invited to ask questions. To set science-based targets, companies must follow a rigorous process to develop an emissions reduction target in line with the SBTis criteria and submit the target for validation. A zero-carbon, nature-positive future is the only one in which people and planet can thrive. Storms have gotten stronger and floods more destructive. Removals are not a substitute for deep emissions cuts. Net-Zero for Financial Institutions; Back Net-Zero for Corporates search. We must transform the way we live and do business in a way that protects our shared natural resources. CDP experts explored both foundational and cutting-edge environmental topics. We use words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could" to identify these forward-looking statements. The Natural Capital Finance Alliance (NCFA) will introduce the Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE) toolkit which will help financial institutions to understand their exposure to natural capital risks.
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