09:02:35 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Westport Fuel Systems Inc (2)
Symbol WPRT
Shares Issued 17,175,140
Close 2023-06-29 C$ 10.11
Market Cap C$ 173,640,665
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Westport releases 2022 ESG report

2023-06-29 17:18 ET - News Release

Mr. David Johnson reports

WESTPORT RELEASES 2022 ESG REPORT

Westport Fuel Systems Inc. has released its 2022 environmental, social and governance report. The 2022 ESG report outlines the company's accomplishments within its core ESG based areas of focus, including:

  • Carbon footprint;
  • Operational health and safety;
  • Diversity, equity and inclusion;
  • Responsible sourcing;
  • Human rights;
  • ESG governance.

Since inception, Westport has focused on clean, affordable transportation solutions, and therefore, the company's goals and strategies are inherently aligned with today's ESG related risks and opportunities. To positively impact its global customers, Westport has strengthened its governance practices and management processes, advanced stakeholder engagement, and is working toward strengthening supply chain resilience and due diligence.

"The release of our 2022 ESG report is a testament to our commitment to creating sustainable value for all our stakeholders. It reflects our deep understanding that success lies not only in financial gains, but also in fostering environmental stewardship, promoting social responsibility and driving strong governance. While we celebrate our progress, we recognize the work that lies ahead," said David M. Johnson, chief executive officer of Westport.

"The challenges we face as a global community demand our unwavering dedication to continuous improvement. Our 2022 ESG report serves as a compass, pointing us towards areas where we can further enhance our impact and drive positive change. It highlights the initiatives we are undertaking to address critical issues and reinforces our commitment to operating ethically, minimizing our environmental footprint and empowering communities. Let's build a brighter, sustainable tomorrow together," added Mr. Johnson.

Highlights of the 2022 ESG report include:

  • Reduced 1,498,438 tons of carbon dioxide through its products;
  • Recycled over 89 per cent of total waste from production sites;
  • 55-per-cent increase in solar-based energy consumption;
  • 32 per cent of its global work force is female;
  • 44-per-cent female representation on the board of directors;
  • 89 per cent of non-employee directors are independent;
  • 71 per cent of its 900-plus suppliers are local;
  • 100 per cent of its suppliers were delivered an ESG survey;
  • Initiated Scope 3 emission calculations.

Westport's sustainability journey continues through an emphasis on agility, adaptability and resilience. With its sustainability-driven business model, strong governance practices and a dedicated work force, it strives to create long-term value for shareholders while promoting global decarbonization. In 2023, Westport is prioritizing energy management initiatives across its facilities, thereby aiming to reduce carbon footprints.

Following on the successful implementation of photovoltaic energy at its facility in Poland, the company is also planning to increase investments at its Italian facilities to target 10 per cent of its energy needs from this renewable source. Additionally, Westport has conducted decarbonization workshops at its three largest production sites in early 2023, thereby developing action plans to drive future reductions in Scope 1 and Scope 2 carbon emissions.

The 2022 ESG report is available for download, and the company welcomes your feedback or inquiries to sustainability@wfsinc.com.

About Westport Fuel Systems Inc.

At Westport, it is driving innovation to power a cleaner tomorrow. It is a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane and hydrogen to the global automotive industry. Its technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, it serves its customers in more than 70 countries with leading global transportation brands. At Westport, it thinks ahead.

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