17:33:52 EST Tue 05 Dec 2023
Enter Symbol
or Name

West Fraser Timber Co Ltd
Symbol WFG
Shares Issued 81,274,319
Close 2023-06-21 C$ 108.70
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West Fraser Timber releases 2022 sustainability report

2023-06-21 19:02 ET - News Release

Mr. Ray Ferris reports


West Fraser Timber Co. Ltd. has provided 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 and chief executive officer.

"In 2022, we took important steps towards achieving our goal of being a sustainability leader," said Mr. 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 per cent and scope 3 by 25 per cent, by 2030. This commitment has since been validated by the Science Based Targets Initiative (SBTi) in April, 2023. To ensure the company's work aligns with international expectations it also joined the United Nations Global Compact, solidifying its commitment to the UN Sustainable Development Goals (SDGs), which guides the company's work in every community where West Fraser operates.

A social performance strategy was developed to establish meaningful ambitions and goals to progress the company's 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 work force.

"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 Mr. Ferris.

About West Fraser Timber Co. Ltd.

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 (oriented standard board), LVL (laminated veneer lumber), MDF (medium-density fibreboard), 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.

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