Summit Materials Announces 2030 and 2050 Climate and Inclusion Goals
DENVER, April 05, 2022–(BUSINESS WIRE)–Summit Materials, Inc. (NYSE: SUM, “Summit” or the “Company”), a vertically integrated building materials company, today announced the release of its 2021 Environmental, Social and Governance Report and his first Diversity, Equity and Inclusion Report. These reports provide an update on the Company’s progress towards its environmental, social and governance initiatives and outline its updated long-term goals.
Summit Materials CEO Anne Noonan commented, “Our three North Star pillars of human/social impact, land reclamation and carbon reduction, and their associated goals, demonstrate Summit’s commitment to becoming the most socially responsible supplier of building materials and to help our communities in building a better and more sustainable future.”
“We have made significant progress over the past year,” said Anne, “and we will continue to uphold our three pillars in all of our activities to help drive meaningful change in our industry and communities. »
As the world moves towards a low-carbon future and clients and investors increasingly seek strong financial, operational and ESG performance, Summit’s goals are designed to foster social responsibility, business resilience and value creation. Sustainability initiatives align with the company’s three North Star pillars developed through strategic assessment as part of its Elevate Summit strategy.
With a focus on striving for the empowerment and fulfillment of employees and their communities, the Company is focused on increasing employee safety ownership and engagement, reducing turnover staff and increasing diversity within its employee base. Highlights of FY21 include:
In 2021, our rate of recordable safety incidents improved by approximately 9% and our rate of preventable vehicle incidents improved by approximately 33% compared to 2020.
Gender parity achieved at board and senior management level.
Committed to greater transparency and clarity around our Diversity, Equity and Inclusion (DE&I) strategy, detailed in reports published this month.
Launched an employee stock purchase plan and a company-wide engagement survey – an essential process for listening to and understanding employee needs.
Summit Materials is committed to measuring every drop of water the company consumes and making the earth better than when Summit found it. Fiscal 21 progress includes:
Received Wildlife Habitat Council (WHC) Gold certification for the conservation program at its Davenport Cement plant, which was just named a finalist for the 2022 WHC Wetlands and Water Bodies Project Award.
Ongoing installation of automated washing systems at many of the company’s off-the-shelf mixing sites to manage water usage.
Continued use and development of closed-loop water supply systems to reduce freshwater withdrawals.
Advance a company-wide comprehensive recovery policy in consultation with stakeholders, which Summit plans to release in 2023.
Summit aims to become an industry leader in striving to reduce our carbon emissions by 25% by 2030 and reach net zero by 2050. Highlights from FY21 include:
Report a 4% reduction in Global Scope 1 emissions compared to the company’s 2020 baseline.
Piloting systems that inject recycled CO2 into fresh concrete to reduce its carbon footprint without compromising performance, and planning to install the systems in additional ready-mix concrete sites in 2022.
Leverage telematics in all Summit-owned on-road vehicles to track fuel consumption and emissions.
Launched a project to convert assets powered by generators to line power to accelerate a longer-term transition to renewable energy.
Help develop and then sign the Portland Cement Association’s carbon neutral roadmap.
Completed the conversion of its Davenport plant to Portland Limestone Cement (PLC), which will help reduce carbon emissions in cement production.
“We are excited to make quantifiable 2030 and 2050 commitments to address climate change, land and water use, and diversity, equity, inclusion and employee engagement goals. at Summit Materials,” said Karli Anderson, environmental, social and governance manager. Officer and Head of Investor Relations at Summit. “The progress we’ve made in moving from measuring our impact to creating goals and strategies to achieve them is a testament to our efforts to help build a more sustainable future. I believe what makes Summit unique is a dedication to social responsibility that permeates our business – from many of our front-line leaders to our mid-level managers to our executive team. This is just the beginning.”
To learn more about the ESG success of the Summit and the specific 2030 and 2050 long-term goals, ESG initiatives, visit the Summit Materials Durability Page.
About Summit Materials
Summit Materials is a leading vertically integrated materials company supplying aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a materials-based, geographically diverse scale company that provides customers with a single-source provider of construction materials and related downstream products in public, residential and non-residential infrastructure, and end markets. Summit has a strong track record of successful acquisitions since its inception and continues to seek growth opportunities in new and existing markets. For more information on Summit Materials, please visit www.summit-materials.com.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes”, “expects”, “may”. , “will”, “should”, “seek”, “intend”, “tend”, “plan”, “estimate”, “project” or “anticipate” or similar expressions which relate to our strategy, our plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ from any future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on numerous detailed assumptions. Although we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be taken as a representation by us or anyone else that the results or conditions described in such statements or our objectives and plans. will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including, but not limited to, factors that affect the Company’s inability to achieve its environmental, social and governance (ESG) objectives on time or in the manner projected, failure to achieve its diversity, equity and inclusion initiatives and objectives on time or in the manner projected projected, inability to reduce turnover to desired levels and within desired time frames, inability to achieve targeted employee engagement levels within desired time frames, lack of economically viable market-based CO2e offsets and credits, the performance of our environmental management system, the performance of existing technology related to CO2e emission reductions, development of future technologies related to CO2e emissions, the continued evolution and development of ESG methodologies, frameworks and standards, market adoption of products with less environmental impact, including but not limited to Portland Limestone Cement, the ability to reduce revenue at desired levels and within desired timelines, and the factors discussed in the section titled “Risk Factors” in Summit’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, such as filed with the Securities and Exchange Commission, as may be updated by our subsequent filings. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
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EVP, Chief ESG Officer and Head of Investor Relations
Summit Materials, Inc.
Manager, External Communications
Summit Materials, Inc.