WASTE CONNECTIONS CONTINUES PROGRESS TOWARDS ASPIRATIONAL ESG TARGETS AND INTRODUCES EMISSION REDUCTION TARGETS IN 2022 SUSTAINABILITY REPORT
TORONTO, Oct. 27, 2022 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today released its 2022 Sustainability Report highlighting advancement towards the Company's aspirational ESG targets and the addition of a target for emissions reduction. The updated report also provides expanded ESG-related disclosure with the introduction of the Task Force on Climate-Related Financial Disclosures (TCFD) reporting framework as well as a new sustainability microsite and ESG hub.
"Our updated Sustainability Report details the efforts of over 20,000 employees who embody our values, culture and shared view of sustainability as integral to our strategy for long-term value creation," said Worthing F. Jackman, President and Chief Executive Officer. "In 2021, we demonstrated continued progress towards our ESG targets, as well as further improvement in our "net zero" position and a two-year reduction in emissions intensity of 18%, as we decreased emissions while achieving outsized growth during the period. We believe these results and our ongoing investments in sustainability-related projects are emblematic of our commitment to the environment, our employees, and the communities we are privileged to serve."
Mr. Jackman added, "We continue to raise the bar on accountability with the introduction of a target for further reductions in Scope 1 and 2 emissions, along with a commitment to work towards the adoption of a Science-Based Target Initiative (SBTi) emissions reduction target."
Highlights of the 2022 Sustainability Report include:
- Reduction in Emissions and Introduction of New Targets: Reduced Scope 1 and 2 emissions by 7% since 2019 while revenue grew 14%, driving an 18% reduction in emissions intensity; introduced a new aspirational target to decrease Scope 1 and 2 emissions by 15%, as well as a new target seeking continuous improvement in emissions intensity.
- Further Improvement beyond "Net Zero" Position: Expansion of our Net Climate Benefit Ratio, as internally generated operational offsets resulted in the avoidance of 3.4 times the emissions generated from our operations in 2021, up from prior year levels due to a 6% increase in operational offsets and a reduction in emissions.
- Increased Biogas Recovery with Pipeline for Additional Growth: Increased biogas recovery in 2021 and expanded near-term pipeline to 10 projects in development over the next two to five years.
- Expanded Resources Recovered: Increased recycled tons processed in 2021 and commenced construction of two greenfield state-of-the-art recycling facilities with anticipated completion by 2024.
- Improved Safety and Employee Engagement: Furthered reductions in incident rates in 2021, with approximately 55% of operating locations either posting zero incidents or driving year-over-year improvements; continued improvement in employee engagement as measured by annual Servant Leadership survey.
- $50 Million in COVID-19-Related Employee Support: Continued employee support in 2022, bringing total outlays since onset of the COVID-19 pandemic to over $50 million.
- Expanded ESG Transparency: Introduced TCFD framework detailing climate-related risk assessment and strategy; expanded diversity statistics through EE0-1 disclosure; and enhanced Sustainability website with ESG hub.
The Waste Connections 2022 Sustainability Report is available at www.wasteconnections.com/sustainability or by clicking the following link: 2022 Sustainability Report
About Waste ConnectionsWaste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves more than eight million residential, commercial and industrial customers in mostly exclusive and secondary markets across 43 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. For more information, visit Waste Connections at wasteconnections.com.
Safe Harbor and Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "might," "will," "could," "should" or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable Canadian securities laws. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about the timing and amount of investments and the ability to meet or exceed long-term, aspirational sustainability targets. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.
CONTACT: | |
Mary Anne Whitney / (832) 442-2253 | Joe Box / (832) 442-2153 |
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SOURCE Waste Connections, Inc.
