First Forest Company to Include the Supply Chain in its Carbon Accounting
TimberWest announced today that it is committed to pursuing carbon neutrality over the next 10 years and has taken the first significant step in the process by measuring a total carbon footprint going beyond just its operations to incorporate supply chain energy use, forest carbon and its distribution network.
Working with KPMG as an advisor and PwC and the Carbon Trust as independent verifiers, TimberWest conducted a carbon accounting of its owned forest assets and activities starting with the organic matter on the forest floor, to the trees and resultant wood products, including TimberWest’s associated operational activities. This approach is believed to be a first-of-its-kind for a forest company to understand its end-to-end impact with respect to climate change.
“Working forests are a renewable resource and a potential positive contributor to addressing climate change. This end-to-end approach to understanding our carbon footprint is a key step in determining how we can be part of the solution to climate change through sustainable forest management and informed decisions across our supply chain,” said Jeff Zweig, TimberWest’s CEO. “This data sets an important benchmark from which we will measure our progress towards carbon neutrality over the next decade.”
“Using our forest industry and greenhouse gas verification expertise, PwC performed a limited assurance verification over the results of TimberWest’s voluntary carbon footprint assessment using the ISAE 3410 standard to guide our work. We also incorporated the ISO 14065 Standard for Greenhouse Gas Verification and the Canadian Forest Service carbon model, as well as other well-established forest estate and product carbon modelling techniques,” said Mike Harris, PwC Canada, Partner, Risk Assurance Services. “PwC is proud to have participated in this progressive verification assignment for TimberWest.”
Hugh Jones, Managing Director – Business Services at the Carbon Trust said: “Good measurement is the crucial first step to effective management. TimberWest is the first forest company we have provided with an organisational certification that goes beyond just the carbon footprint from its own operations, by also looking at the emissions associated with its supply chain energy use, the distribution of products to customers and long term carbon storage. By better understanding and communicating how it impacts the climate, both negatively through its own greenhouse gas emissions and positively through sustainably-managed forests, the company will be able to play an important role in building a sustainable, low carbon future.”
TimberWest is a third-party certified company under the Sustainable Forestry Initiative that has been operating on the BC Coast for over 100 years. It’s the first BC forest company certified to the Progressive Aboriginal Relations standard through the Canadian Council for Aboriginal Business and is wholly owned by two major Canadian public service pension funds.
At KPMG, our commitment to the Forest Products industry includes developing and delivering tailored services to help clients improve performance and achieve bottom line efficiencies as well as our traditional roles of providing assurance over financial reporting and tax compliance and planning services. Our team of professional foresters, biologists, auditors, and environmental specialists supports companies in delivering on their sustainability and climate change objectives.
About PwC Canada
At PwC, our purpose is to build trust in society and solve important problems. More than 6,700 partners and staff in offices across the country are committed to, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 236,235 people in 158 countries. Find out more by visiting us at www.pwc.com/ca.
About the Carbon Trust
Established in 2001, the Carbon Trust works with businesses, governments and institutions around the world, helping them contribute to – and benefit from – a more sustainable future through carbon reduction, resource efficient strategies, and commercializing low carbon businesses, systems and technologies.
- We work with corporates and governments, helping them to align their strategies with climate science and meet the goals of the Paris Agreement.
- We provide expert advice and assurance, giving investors and financial institutions the confidence that green finance will have genuinely green outcomes.
- We provide independent insight and support the development low carbon technologies and solutions, building the foundations for the energy system of the future.
Headquartered in London, we have a global team of over 30 nationalities based across five continents.