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The framework demonstrates our commitment to environmental sustainability by linking funding to achieving operational net carbon neutrality by 2030
Science-based GHG emission reduction targets approved by the Science Based Targets initiative, further demonstrating our global leadership in sustainability and support for the global fight against climate change
VANCOUVER, British Columbia, June 14, 2021 (GLOBE NEWSWIRE) – TELUS today released its Sustainability Bond Framework (“Framework”) which aligns our funding strategy with our ambitious goal of achieving neutrality operational net carbon in all of our global operations by 2030.
“Our team’s passion for advancing our sustainability goals, made possible by our cutting-edge governance practices and our globally admired culture, is the foundation of our leadership in social capitalism,” said Darren Entwistle, President and chief executive officer. “In this regard, today’s announcement of the first Sustainability-Linked Bond Framework in Canada is an example of our long-standing belief in the synergistic relationship between doing well in business and doing well in the communities where we operate. It is also a clear reflection of our team’s deep commitment to reducing our carbon footprint and minimizing our impact on the planet, while creating significant value for our fellow citizens. Indeed, our greenhouse gas emissions reduction targets are approved by the Science Based Targets initiative, once again demonstrating our global leadership in sustainable development and our determination to support the global fight against climate change. . Thanks to the unprecedented efforts of our team and our record of exceeding our objectives in terms of reducing our energy consumption and greenhouse gas emissions, we have set new ambitious environmental objectives. and sustainable development as we strive to improve the environmental, social, economic and health outcomes of citizens in the communities we serve globally.
The framework, developed in accordance with the Sustainability-Linked Bond Principles 2020 (“SLBP”) of the International Capital Market Association, describes the process TELUS intends to follow when issuing new sustainability bonds. Sustainalytics, a leading independent ESG research, rating and analysis firm, has reviewed the framework and believes it aligns with the SLBP.
As part of this framework, TELUS reinforces its previously announced commitment to reduce absolute greenhouse gas (“GHG”) emissions of Scope 1 and 2 by 46% by 2030 compared to baseline 2019 If TELUS does not meet this target, TELUS will offer a premium payment amount or an increase margin amount, as applicable, with additional details to be specified in any relevant obligation documentation.
This target, covering the GHG emissions of our operations (Scopes 1 and 2), was approved by the Science Based Targets (SBTi) initiative, once again demonstrating our global leadership in sustainable development and our support in the fight global campaign against climate change. This target is consistent with the reductions required to limit global warming to 1.5 ° C and, at the time of publication of this Framework, is considered the most ambitious designation available through the SBTi process.
SBTi mobilizes companies to set scientific goals and strengthen their competitive advantage in the transition to a low-carbon economy. It is a partnership between CDP, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature. The initiative defines and promotes best practices in science goal setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves business goals. SBTi uses a robust and well-respected set of methodologies to measure the emission reduction needed for each sector and company within that sector to prevent catastrophic global warming.
TELUS will report annually on its performance against its Scope 1 and 2 GHG emissions target and will also obtain an annual independent and external audit of its performance against this target. Our performance as well as the independent and external verification will be included in our annual sustainability report, or other similar reports, as appropriate, and will be available on the TELUS website.
As part of its efforts to establish meaningful new climate targets, TELUS has also committed to reducing absolute Scope 3 GHG emissions from business travel and employee commuting by 46%. and reduce Scope 3 GHG emissions from purchased goods and services, goods and the use of products sold by 75 percent per million dollars of revenue by 2030 compared to a base year of 2019. Although not included as a key performance indicator in the framework, these Scope 3 emission targets have been included and validated under the SBTi. , demonstrating once again that TELUS is tackling the main sources of GHG emissions in its value chain.
RBC Capital Markets acted as lead structuring agent for TELUS ‘sustainability bond framework, with Scotiabank as co-structuring agent.
This press release contains statements on future events relating to the Sustainability-Linked Bond Framework (“Framework), including TELUS ‘commitment to achieve operational net carbon neutrality in all of its global operations by 2030, its targeted commitment reduce absolute Scopes 1 and 2 by 46% of GHG emissions by 2030, any amount of premium payment or increased margin that TELUS may voluntarily offer if it does not meet this target as stated in all relevant obligation document, TELUS ‘commitments to report annually on its performance against its Scope 1 and 2 GHG Emissions Targets, to obtain an independent and external annual audit of its performance against this target, and to include this performance and this independent and external verification in the TELUS annual sustainability report or other similar reports and make them available on TELUS s website, TELUS ‘commitment to reduce absolute Scope 3 GHG emissions from business travel and employee travel by 46% and to reduce Scope 3 GHG emissions from purchased goods and services, capital goods and products use sold by 75% per million dollars in sales by 2030. By their nature, forward-looking statements require us to make assumptions and forecasts and are subject to inherent risks and uncertainties, including: our ability to identify and implement solutions to reduce energy consumption and adopt cleaner energy sources; our ability to identify and make appropriate investments in renewable energy, including in the form of power purchase agreements; our ability to continue to achieve significant absolute reductions in energy consumption and resulting GHG emissions in our operations (including through programs and initiatives focused on our buildings and network); and other risks associated with achieving our goals of carbon neutrality and reducing our GHG emissions targets by 2030. There is a significant risk that forward-looking statements may not prove to be accurate.
Readers are cautioned not to place undue reliance on forward-looking statements, as a number of factors could cause actual performance and future events to differ materially from those described in forward-looking statements. Accordingly, this press release is subject to the caution against forward-looking statements and to the qualifications and risk factors set forth in our 2020 Annual MD&A and our first quarter 2021 MD&A, as well as in our other public disclosure documents and TELUS filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). The forward-looking statements contained in this press release describe our expectations as of the date of this press release and, therefore, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise any forward-looking statements.
TELUS (TSX: T, NYSE: TU) is a dynamic and world-leading communications technology company with annual revenues of $ 16 billion and 16 million customer connections spanning wireless, data, l ‘IP, voice, television, entertainment, video and security. We leverage our cutting edge technology and compassion to enable remarkable human results. Our long-standing commitment to putting customers first feeds into all aspects of our business, making us a distinct leader in customer service excellence and loyalty. In 2020, TELUS was recognized as having the fastest wireless network in the world, reinforcing our commitment to providing Canadians with access to superior technology that connects us to the people, resources and information that improve our lives. . TELUS Health is the Canadian leader in digital health technologies, improving access to health and wellness services and revolutionizing the flow of health information across the continuum of care. TELUS Agriculture provides innovative digital solutions across the agricultural value chain, driving better food outcomes through better agribusiness data intelligence and processes. TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator delivering next-generation AI and content management solutions for global brands in tech, games , e-commerce / FinTech, communications / media, healthcare and travel / hospitality. TELUS and TELUS International operate in more than 25 countries around the world. Together, let’s make the future friendly.
Driven by our passionate social goal of connecting all citizens for good, our deeply meaningful and enduring philosophy of giving where we live has inspired TELUS, our team members and our retirees to contribute over $ 820 million and $ 1.6 million. million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most generous company in the world.
For more information on TELUS, please visit telus.com and follow us on Twitter (@TELUSnews) and on Instagram (@Darren_Entwistle).
Ian McMillan (604) 695-4539
Media relations Steve Beisswanger (514) 865-2787