Toronto, Ontario – April 21, 2023: Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today released its fourth annual Sustainability Report, outlining its progress and goals in its Environmental, Social and Governance (ESG) practices.
“Our fourth annual Sustainability Report highlights our commitment to sustainability in what we build and how we build it, as we continue moving forward with a strategic focus on decarbonizing energy systems in support of a net zero future,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc.
What we build and how we build are evolving: Aecon is building infrastructure projects that are helping drive the transition to a net zero future. Aecon has adapted the structure of its business by establishing a single point of entry to its sustainability capabilities in three key areas – climate change adaption, pathways to net zero, and sustainable construction – offering integrated project management throughout a project’s lifecycle to assist clients in navigating the complexities of decarbonization and energy transition opportunities. Aecon is also focused on how it builds and continues to expand its expertise in sustainable construction practices by adopting zero-emission equipment and piloting new technologies such as low carbon construction materials.
Highlights of the report include accomplishments in the following key areas of focus:
- Environment: Aecon strives for continuous improvement in the environmental performance of its operations and continued developing processes to minimize waste, greenhouse gas (GHG) emissions, and other environmental impacts. Aecon adopted recognized environmental management practices and standards including the Envision framework – an increasingly important standard to guide performance in sustainable construction. Aecon continues its focus on achieving its GHG emissions reduction goals, including a 30% reduction in direct CO2 emissions on an intensity basis (scopes 1 and 2) by 2030 as compared to 2020 and net zero (scopes 1, 2 and 3) by 2050.
- Social: Aecon released its inaugural Reconciliation Action Plan, outlining its commitment to engaging in reconciliation across its operations together with Indigenous Peoples, and established new Indigenous-led joint ventures. Aecon procured $233 million of Indigenous goods and services – its highest annual total – and advanced its efforts to train new workers from historically underrepresented groups in construction including through the Aecon Women in Trades (AWIT) program and the Aecon-Golden Mile (A-GM) community-owned joint venture. Aecon also continued implementing its Fatal 8 safety program focused on eight specific activities workers perform that present elevated risks.
- Governance: Aecon’s commitment to ESG extends to its supply chain. An ESG screening survey was introduced for preferred suppliers, with a goal of having 100% of preferred suppliers screened by 2025. Oversight of sustainability matters was moved from the Risk Committee to the entire Board of Directors, and Aecon’s sustainability expertise now falls under the umbrella of a larger division that oversees and addresses all stakeholder relations, creating cohesion in organizational communication and relationship management.
Aecon was pleased to commence new projects linked to the energy transition – from advanced transit networks and geothermal energy solutions to utility-scale energy systems and green home energy technology, including a new energy-as-a-service partnership with Enbridge that offers dependable and convenient energy solutions for homeowners, developers and commercial customers in Ontario.
“Aecon is proud to help build a sustainable future through electrified mass transit projects, new low carbon energy solutions and resilient community infrastructure to support thriving communities,” said Eric MacDonald, Executive Vice President, Utilities, Aecon Group Inc. “For years, we’ve been investing to ensure that we’re ready to help clients navigate the energy transition.”
The complete report is available on Aecon’s website at www.aecon.com/sustainability and on SEDAR at www.sedar.com.
Aecon Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: Aecon’s strategic focus on clean energy and other projects linked to sustainability and the opportunities arising therefrom; Aecon’s working with clients to help them meet their infrastructure needs and harness the opportunities that are expected to come from the transition to a net-zero economy; Aecon's greenhouse gas emission reduction targets and means to accomplish such targets; and communities sharing in the benefits and opportunities associated with Aecon's work, including commitments to publish information with respect to reconciliation and targets regarding Indigenous suppliers. Aecon’s Forward-looking statements may in some cases be identified by words such as “may”, "will," “expects,” “target,” “future,” "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to accurately assess the risks and opportunities related to its industry's transition to a lower-carbon economy; the risk of not being able to oversee, and where appropriate, respond to known and unknown environmental and climate-change-related risks, including the ability to recognize and adequately respond to climate change concerns or public, governmental and other stakeholders' expectations on climate matters; and the risk of not being able to meet its commitment to meeting its greenhouse gas emissions reduction, Board diversity or Indigenous supplier targets and various other risk factors described in Aecon’s filings with the securities regulatory authorities which are available under Aecon’s profile on SEDAR (www.sedar.com) including the risk factors described in Section 13 - "Risk Factors" in Aecon's December 31, 2022 Management's Discussion and Analysis filed on SEDAR (www.sedar.com) on February 28, 2023.
These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For further information:
Prabh K. Banga
Vice President, Sustainability
SVP, Corporate Development and Investor Relations
Vice President, Corporate Affairs