Westport Fuel Systems Releases 2021 Environmental, Social and Governance Report

Rhea-AI Summary

Westport Fuel Systems has released its 2021 Environmental, Social and Governance (ESG) Report, highlighting key achievements in sustainability. The report emphasizes the company's dedication to reducing its carbon footprint and enhancing operational health and safety. Westport has formed an ESG Steering Committee and achieved 44% female representation on the Board, surpassing its 30% target. Additionally, the company decreased reportable injuries by 50% and increased its workforce by 35%. Their HPDI technology continues to advance, aiming for significant CO₂ reductions in freight transport.

Positive

• Established ESG Steering Committee to oversee programs and targets.
• Reached 44% female representation at the Board level, exceeding the 30% target.
• Reduced total reportable injuries by 50% while increasing employee count by 35%.
• Advanced HPDI technology for improved CO₂ reductions in long-haul freight.

Negative

• None.

VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX: WPRT / Nasdaq: WPRT) announces the release of its 2021 Environmental, Social and Governance (“ESG”) Report outlining the company's accomplishments within its core ESG topics of carbon footprint, operational health and safety, diversity, equity and inclusion, responsible sourcing, human rights, and ESG governance.

At Westport, sustainability is a core principle driving business strategy while keeping the focus on ESG-related risks and opportunities that determine long-term success. The Company has strengthened its governance practices and management processes, advanced stakeholder engagement, and is working towards strengthening supply chain resilience and due diligence to positively impact its global customers.

“We are pleased to share our 2021 ESG Report as part of our ongoing commitment to transparency and environmental leadership as a supplier of gaseous fuel systems dedicated to driving cleaner performance,” said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “Strong ESG practices continue to be the fabric of our business and are embedded in our decision-making process. We are committed to the decarbonization of transportation as we continue to develop our HPDI hydrogen fuel system, creating a path to carbon neutrality by way of less emissions, and less costs.”

Westport’s ESG strategy was approved by the Board in early 2021 and is focused on taking concrete steps to ensure that the way the Company does business has positive impacts throughout the value chain. Since this strategy was adopted, the Company has already seen progress, including:

• Forming a 10-member ESG Steering Committee, led by the CEO, to oversee core programs and targets, integrating ESG into the company’s goals and processes.
• Achieving 44% female representation at the Board level, well above the 30% target.
• Decreasing total reportable injuries by 50% while increasing employee count by 35%.
• Further advancing Westport’s HPDI (High Pressure Direct Injection) technology, with either biomethane or hydrogen, delivering industry-leading CO₂ reductions for long-haul road freight.

Westport supports a viable pathway towards net zero greenhouse gas emissions through our decades-long record of accomplishment of innovation and specialized engineering capabilities, market-ready products, and global customer base. Our commitment to social responsibility and environmental stewardship is ingrained in our corporate strategy and demonstrated through all business decisions.

The ESG report is available for download at www.wfsinc.com/sustainability and we welcome your feedback or inquiries to sustainability@wfsinc.com.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

Media Relations
T: +1 947-339-8097
E: media@wfsinc.com

FAQ

What are the highlights of Westport's 2021 ESG Report?

Westport's 2021 ESG Report highlights include the formation of an ESG Steering Committee, achieving 44% female Board representation, a 50% reduction in reportable injuries, and advancements in HPDI technology.

How has Westport Fuel Systems committed to sustainability?

Westport Fuel Systems focuses on sustainability through its ESG strategy, prioritizing carbon footprint reduction, operational safety, and responsible sourcing.

What is the significance of the ESG report for WPRT shareholders?

The ESG report reflects Westport's commitment to transparency and responsible business practices, which can positively influence shareholder confidence and long-term value.

When was Westport's ESG strategy approved by the Board?

Westport's ESG strategy was approved by the Board in early 2021.

How does Westport's HPDI technology contribute to environmental goals?

Westport's HPDI technology aims to reduce CO₂ emissions significantly, supporting the company's commitment to decarbonizing transportation.