WASTE CONNECTIONS REPORTS ACHIEVEMENT OF EMISSIONS REDUCTION TARGET AND EXPANDS COMMITMENT IN 2023 SUSTAINABILITY UPDATE

Rhea-AI Summary

Waste Connections releases 2023 Sustainability Report, highlighting achievements in emissions reduction and commitment to renewable natural gas facilities.

Positive

• Waste Connections achieved a 14% year-over-year reduction in greenhouse gas emissions and doubled its targeted improvement.
• The company reaffirmed its commitment to invest $200 million in renewable natural gas facilities by 2026.
• Waste Connections expanded its emissions reduction commitment to 30% and initiated the process for aligning targets with the Science-Based Target Initiative.
• The company increased recycled tons processed by 19% in 2022 and expects further increases in capacity by 2024.
• The robust near-term project pipeline for RNG facilities is expected to contribute approximately $200 million in annual EBITDA by 2026.

Negative

• None.

TORONTO, Oct. 24, 2023 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today released its 2023 Sustainability Report highlighting the Company's progress towards its long-term, aspirational sustainability targets.  Achievements include a 14% year-over-year reduction in greenhouse gas emissions and a doubling of the Company's targeted improvement.  In addition, the Company reaffirmed its commitment to invest approximately $200 million in renewable natural gas (RNG) facilities expected on line by 2026. 

"At Waste Connections, our approach to sustainability is aligned with value creation," said Ronald J. Mittelstaedt, President and Chief Executive Officer.  "Simply put, our 2022 results demonstrate that we can achieve significant progress towards sustainability-related objectives, including emissions reductions, while also delivering outsized growth."

Mr. Mittelstaedt continued, "Looking ahead, we remain committed to expanding our sustainability-related efforts and, to that end, have doubled our targeted reduction in emissions to 30%.  We also formally committed to setting an emissions reduction target in line with the Science-Based Target Initiative (SBTi) and we look forward to providing additional details as we work through the process of harmonizing targets to achieve a formal approval.  Moreover, we look forward to growth from continued increases in operational offsets, including from over a dozen RNG facilities under development that remain on track to commence operations by 2026."   

Highlights of the 2023 Sustainability Report include:

• Reduced Emissions and Increased Targeted Reductions: Reduced Scope 1 and 2 emissions by 14% in 2022 and achieved 27% reduction in emissions intensity on robust 2022 revenue growth; expanded emissions reduction commitment to 30% and initiated process for alignment of emissions reduction targets with SBTi;
  
  
• Expanded Resources Recovered: Increased recycled tons processed by 19% in 2022 and positioned for further increases from additional capacity expected by 2024;
  
  
• Reiterated RNG Project Pipeline: Robust near-term project pipeline remains on track with incremental annual EBITDA contribution of approximately $200 million by 2026 on commensurate capital outlays; and
  
  
• Addressing PFAS: Demonstrated leadership in leachate treatment through the deployment of foam fractionation technology at multiple landfills to advance PFAS treatment efforts.

The Waste Connections 2023 Sustainability Report is available at www.wasteconnections.com/sustainability or by clicking the following link:  2023 Sustainability Report 

About Waste Connections

Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation.  The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 44 states in the U.S. and six provinces in Canada.  Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.  For more information, visit Waste Connections at wasteconnections.com.

Safe Harbor and Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "might," "will," "could," "should" or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable Canadian securities laws. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about the timing and amount of investments and the ability to meet or exceed long-term, aspirational sustainability targets.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

CONTACT: Mary Anne Whitney / (832) 442-2253 maryannew@wasteconnections.com

Joe Box / (832) 442-2153 joe.box@wasteconnections.com

 

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SOURCE Waste Connections, Inc.

FAQ

What achievements were highlighted in Waste Connections' 2023 Sustainability Report?

Waste Connections achieved a 14% reduction in greenhouse gas emissions and doubled its targeted improvement. They also increased recycled tons processed by 19% in 2022 and reaffirmed their commitment to invest $200 million in renewable natural gas facilities by 2026.

What is Waste Connections' emissions reduction commitment?

Waste Connections expanded its emissions reduction commitment to 30% and is in the process of aligning targets with the Science-Based Target Initiative.

What is the expected contribution of the near-term RNG project pipeline?

The near-term RNG project pipeline is expected to contribute approximately $200 million in annual EBITDA by 2026.

Where can I find Waste Connections' 2023 Sustainability Report?

The Waste Connections 2023 Sustainability Report is available at www.wasteconnections.com/sustainability.