PotlatchDeltic is committed to report our ESG performance annually informed by and referencing frameworks such as the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and Global Reporting Initiatives (GRI).
What were PotlatchDeltic’s key ESG successes during 2022?
A significant focus for our Team Members this past year was the development of a commitment to reduce our Scope 1 and 2 greenhouse gas emissions by 42% by 2030. Carbon and climate teams were established at each wood products facility to evaluate potential reduction strategies and recommend the best alternatives. These reduction commitments have been built into the goals and compensation of key managers and leadership as we track our progress.
During 2022, we increased our ESG reporting transparency through publishing our inaugural Carbon & Climate Report. In addition, we expanded our corporate website to include a wide range of our ESG information and data, and the case studies which showcase the great work done across our Company each year.
What are currently the biggest ESG challenges you face?
ESG reporting is still evolving, and it is difficult to establish carbon accounting methodology and greenhouse gas reduction commitments when protocols for the land sector are still being developed. We believe it is important to have transparent reporting that accurately reflects our carbon flows and have worked with our industry peers towards a common interim approach and to help develop a protocol.
Another significant challenge is to help many of our external stakeholders better understand the benefits of working forests. We manage our forests on a sustainable basis while protecting water quality, biodiversity, and wildlife. We also contribute to sustainable development through jobs, training, benefits, and helping to support the communities where we operate. Our industry did not communicate this effectively for many years, and it is important for working forests stakeholders to trust that we are doing the right thing if we are to participate as a solution to climate change. We are committed to sharing our successes and challenges.
What can we expect next for PotlatchDeltic in ESG during 2023?
We will be publishing our second annual Carbon & Climate Report later this year. We plan to complete physical climate risk and opportunity analysis for our Georgia and South Carolina timberlands under four representative concentration pathway (RCP) scenarios. In addition, we will discuss some of the transitional and market opportunities that are emerging as decarbonization strategies are implemented. We will also respond to both the CDP Forests and Climate questionnaires this year.
How are you advancing the role of sustainably managed forests as a nature-based climate solution?
Forests have a significant opportunity within climate solutions, playing a key role in net-zero strategies and in products that have a lower embodied carbon footprint. Building with wood and mass timber stores carbon for the long-term, while emerging products like biofuels and bioplastics could offer solutions towards a bio-based circular carbon economy.
This could drive significant changes in our markets, reduce our planet’s reliance on fossil fuels, and further support jobs and communities, all while we maintain our commitment to sustainable forest management practices. We support scientific research organizations to advance the roles of forests, biomass, and wood products in climate solutions. In addition, we work with our industry associations to promote regulations and policy that translate science into credible frameworks for sustainable development.