WEYERHAEUSER IS ALIGNED WITH THE RECOMMENDATIONS OF THE TASK FORCE ON CLIMATE-
RELATED FINANCIAL DISCLOSURES.
We support the TCFD's goal of making the implications of climate change on financial performance clear. This document provide s an overview of our assessment of each of TCFD's recommended disclosures.
We are monitoring the integration of TCFD into the IFRS S2 disclosure process and plan to publish in alignment with the S2 in coming years.
Further context and additional framework alignment can be found hereand in our CDP Climate Response.
CATEGORY | RECOMMENDED | WEYERHAEUSER'S ASSESSMENT | MORE INFORMATION |
DISCLOSURE | |||
Describe the Board's oversight of climate- | The Governance and Corporate Responsibility Committee of the Board of Directors maintains proactive | Strong Governance - Board Oversight | |
related risks and opportunities. | oversight of our sustainability strategy, including matters related to climate change. This includes an | CDP Climate Response- C1.1 | |
annual review of our performance and progress toward our sustainability goals. | |||
Governance | |||
Describe management's role in assessing | The Chief Administration Officer has accountability for the implementation of our sustainability strategy. | Strong Governance - Board Oversight | |
and managing climate-related risks and | The VP of Corporate and Government Affairs, who reports to the CAO, has responsibility over the | CDP Climate Response- C1.2 | |
opportunities. | Corporate Sustainability Team, which is led by the VP of Corporate Sustainability. This team has | ||
responsibility over the sustainability strategy, which includes the management of climate-related risks and | |||
opportunities. | |||
Describe the climate-related risks and | We believe climate change will result in the disruption of normal business patterns and that there are | 3 by 30 Climate Change | |
opportunities identified over the short, | opportunities and risks to each of our businesses and our company. Some selected risks we are currently | CDP Climate Response- C2.1, C2.2, C2.3 | |
medium, and long term. | assessing and managing include physical risks, such as temperature and precipitation changes and the | ||
variability of disturbance events, which could affect the forests we own and manage, proposals for carbon | |||
legislation, and public policy choices concerning renewable energy and biomass. Opportunities that we | |||
are assessing include changes to our tree growing conditions in certain areas, increased demand or | |||
interest in our forest lands for climate mitigation, and continued development of forest carbon offset | |||
markets. For further discussion of timelines, risks and opportunities, see our CDP Climate Response. | |||
Strategy | |||
Describe the impact of climate-related risks | Our sustainability strategy places a large focus on the integration of sustainability considerations, | Our Strategy - Business Alignment | |
and opportunities on businesses, strategy, | including climate change, into our businesses. Two primary climate-related considerations include our | CDP Climate Response- C2.4, C2.5, C2.6 | |
and financial planning. | potential participation in carbon markets and a focus on sound science and innovation in our timberlands. | ||
In 2023, we spent $9.95 million on forestry research, the results of which will enable us to continually | |||
improve our forest management practice while also improving the resiliency of our forests. | |||
Describe the resilience of the organization's | We conduct climate risk assessments which include studying the effects of changing temperature, | CDP Climate Response- C3.1 | |
strategy, taking into consideration different | precipitation, and other climate-related factors on tree growth and harvest ability. | ||
climate-related scenarios, including 2C. | |||
Copyright 2024 Weyerhaeuser NR. All rights reserved. | Page 1 of 2 |
CATEGORY | RECOMMENDED | WEYERHAEUSER'S ASSESSMENT | MORE INFORMATION | |
DISCLOSURE | ||||
Describe the processes for identifying and | Weyerhaeuser convened a team of its own experts from across different business lines, including strategy | 3 by 30 Climate Change | ||
assessing climate-related risks. | and technology, environmental compliance, government affairs, acquisitions & divestitures | CDP Climate Response- C2.2b | ||
and sustainability. This team was responsible for identifying the risks and opportunities from climate | ||||
change and presented these findings to senior management. We reevaluate these impacts annually. | ||||
Describe the processes for managing | Based upon the risks and opportunities identified, the team was also responsible for recommending | 3 by 30 Climate Change | ||
Risk Management | climate-related risk. | actions and for integrating these into normal business practices. Broadly, these actions were grouped into | CDP Climate Response- C2.2d | |
portfolio decisions, operational support and product marketing. These recommendations are currently | ||||
being implemented in the relevant business and as a part of our sustainability strategy. | ||||
Describe how processes for identifying, | As a company with more than 100 years of experience in growing forests, climate and weather factors | Strong Governance | ||
assessing, and managing climate-related | have always been integrated into overall risk management. As the evidence and impact of climate change | CDP Climate Response- C2.2b | ||
risks are integrated into overall risk | have increased, our company-wide enterprise risk assessment has consistently identified climate change | |||
management. | as significant topic. The risk assessment team gathers input from our internal experts and teams for a | |||
more in-depth understanding of the identified climate-related risks. | ||||
Disclose the metrics used to assess climate- | We disclose three years of data on a wide variety of climate-related metrics including sustainable forest | ESG Data Table | ||
related risks and opportunities in line with | management, ecosystem services, raw material use, volume of wood fiber, energy use, air emissions, | CDP Climate Response- C4 | ||
strategy and risk management process. | water use, residuals and waste, greenhouse gases, carbon sequestration, environmental compliance and | |||
environmental remediation. | ||||
Disclose Scope 1, 2, and, if appropriate, | 2023 emissions in million metric tons of CO2 equivalents: | ESG Data Table: Greenhouse Gas | ||
Scope 3 GHG emissions, and the related | • | Scope 1: 0.4 | Emissions | |
risks. | • Scope 2 (location-based): 0.5 | 3 by 30 Climate Change | ||
• Scope 2 (market-based): 0.4 | CDP Climate Response- C6 | |||
Metrics and Targets | • | Scope 3: 9.3 | Carbon Record | |
Describe the targets used by the | In 2010, we set a goal to reduce our greenhouse gas emissions by 40% by 2020 (compared to a | 3 by 30 Climate Change | ||
organization to manage climate-related | 2000 baseline). We exceeded that goal, and in 2020 we achieved a 57% reduction in emissions. | CDP Climate Response- C4.1 | ||
risks and opportunities and performance | ||||
against targets. | In 2021, we set a target to reduce absolute Scope 1 and 2 emissions by 42% by 2030 against a 2020 | |||
baseline, and to reduce Scope 3 emissions by 25% per ton of product in the same timeframe. Our target | ||||
has been approved by the Science Based Targets initiative as in-line with limited warming to 1.5 Celsius. | ||||
Copyright 2024 Weyerhaeuser NR. All rights reserved.
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Weyerhaeuser Company published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 19:28:02 UTC.