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Sims Limited Signs Global Agreement on Climate Policy Engagement

– Action demonstrates public support for aligning climate policy with Paris Agreement –

SYDNEY, Dec. 1, 2022 /PRNewswire/ -- Sims Limited (ASX: SGM), a global leader in sustainability and an enabler of the circular economy, and joint venture partner LMS Energy, one of Australia's largest emissions reducers and most experienced landfill biogas companies, today announced that they are the latest signatories of the Action Declaration on Climate Policy Engagement. The declaration, a joint initiative of Corporate Knights and the Global 100 Council, was announced recently at COP27, the 2022 United Nations Climate Change Conference in Sharm el-Sheikh, Egypt.

This action garnered the support of more than 50 global companies that are committed to ensuring their climate policy engagement, and that of their industry associations, helps to address climate change, not stall it. It brings together corporate leaders who are committed to improving public–private policy engagement to move the world toward the clean economy needed to address climate change.

The Action Declaration on Climate Policy Engagement outlines how organizations in the movement will decarbonise the economy by supporting ambitious actions to close the say-do gap on countries' emission reductions by:

  • Supporting climate action aligned with the Paris Agreement when engaging with policy-makers

  • Working with their major industry/trade associations to advance alignment with the Paris Agreement

  • Monitoring and disclosing climate policy alignment for their companies and their major industry/trade associations.

The signatory companies that signed the declaration represent major industries from mining and finance to healthcare and technology. Their almost US$900 billion in combined annual revenues account for one percent of the global gross domestic product.

"This year, Sims Limited assessed the climate policy positions of our industry associations as part of our shareholder-endorsed climate action plan and disclosed the results," said Alistair Field, chief executive officer and managing director at Sims Limited. "Signing this agreement and committing ourselves to meeting the goals of the Paris Agreement is a very important step in our multi-year sustainability strategy. It signals our continued transparency in climate advocacy to address the shared global challenge of climate change."

Sims Limited joins more than four dozen global companies that are also committed to ensuring their climate policy engagement supports governments in addressing climate change. The company's sustainability strategy is based on three pillars: operate responsibly, close the loop, and partner for change. Supported by this declaration, these sustainability pillars will enable Sims Limited and its portfolio businesses to have a major impact in supporting the global circular economy and decarbonization.

In FY22, Sims Limited reduced greenhouse gas emissions by 21 percent from FY20 levels. The company also announced new sustainability targets to reflect its commitment to climate action. These targets include becoming carbon neutral by 2030 (brought forward from 2042) and using 100 percent renewable electricity at all sites by 2025.

John Falzon, Chairman of LMS Energy, said that being a signatory to the declaration underscores LMS Energy's commitment to climate action as a world-leading bioenergy company.

"LMS Energy exists to reduce the climate impact of waste; destroying methane produced by landfills is at the heart of what we do," Mr. Falzon stated. "Our projects prevent greenhouse gases from entering the atmosphere while supplying secure, affordable, clean energy. We want to ensure that what we do best supports the transition to a net zero, circular economy making more sustainable use of the resources we have in order to conserve our environment for generations to come."

About Sims Limited

Founded in 1917, Sims Limited is a global leader in sustainability and an enabler of the circular economy that employs 4,400 employees who operate from more than 200 facilities across 15 countries. The company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM), and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). The company's purpose, create a world without waste to preserve our planet, is what drives them to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments and communities around the world. For more information, visit www.simsltd.com.

About LME Energy

LMS Energy is Australia's leading methane destruction and bioenergy company, responsible for abating greenhouse gases across the majority of Australia's large landfill sites. The company owns and operates more than 60 biogas projects across Australia, New Zealand and the United States. Each year, LMS Energy generates 600,000 megawatt hours of baseload renewable electricity (enough to power 100,000 homes each day) while preventing four million tonnes of carbon from entering the Earth's atmosphere, making LMS Energy one of the largest emissions reducers in Australia. LMS Energy has created a strong culture of innovation for its 240 employees who are leading the exploration and pursuit of next generation technologies to expand the company's suite of emission reduction and circular economy solutions. For more information, visit www.lms.com.au.

SOURCE Sims Limited