Jon Stanton CBI Speech - November 4th 2021

Thank you, Tracy. And good evening, distinguished guests, ladies and gentlemen. It's an honor to be here and to sponsor this special CBI event in Weir's home city of Glasgow, particularly in our company's 150th anniversary year. Glasgow has always welcomed the world with open arms. Coming from England, my family and I have felt nothing but warmth here, although to be clear, I'm not talking about the climate there. People make Glasgow great, and I hope that never changes. And that's why it's so fitting to be here to talk about how together we can reach net zero, because we can only do it together — business, government, capital markets, academia, and citizens. We all know global temperatures are rising and the climate is changing. We all feel public pressure intensifying and time running out. This is now a question of how, not why. Weir, for those who don't know, is an engineering business. That means we solve problems for our customers through innovation and invention every day. And we've put sustainability right at the heart of our strategy, focusing our engineering and R&D resources on technology solutions to climate change. My personal fear as a father and a business leader is that we fail to do enough. My four daughters are growing up very quickly, although some more quickly than others, to be fair. And by 2050, this might be their problem to solve. But it's not a burden I want to pass on. When they are leaders, I want them to be looking to the future with optimism, not cleaning up the mistakes of the past. Leaving a legacy we can be proud of is what motivates me as a parent and business leader, and I'm sure it's what motivates many of you too. To meet the challenge, we need companies like Weir alongside broader industry, government, and society to think and act differently. And for me, the focus should be on three priorities: partnership, pace, and participation. At Weir, we're already taking a far broader partnership approach than ever, both within and outside our industry. Our biggest market is mining, an industry that consumes significant amounts of energy and water but which produces the metals critical to enabling carbon transition. For example, an electric vehicle requires four times more copper than a traditional car. Our industry's challenge, therefore, is to help produce more while using less. So we're supporting the world's biggest miners on their net zero journey. We're also working with partners in other industries to develop solutions for more sustainable mining. Together, we've already delivered energy savings of up to 40 percent, and we're committed to go even further. Stuck in our own silo, that innovation would have taken years longer. Partnership works, and it requires much more collaboration and an open approach between all of us. Secondly, we must use technology to drive greater pace in innovation. So we are doubling R&D spending and deepening our work with the great universities in Scotland and around the world. We're also deploying artificial intelligence to scour tens of millions of research and policy papers for innovations that can be applied in our markets. And we're investing in the next generation of young engineers to broaden our talent pool and tackle society's biggest challenges. And then thirdly, as we speed up, we mustn't leave anyone behind. Only through participation can we build solutions that work for everyone. That's why it's crucial to encourage global entrepreneurialism that's inclusive and share its benefits more broadly and fairly, reversing the growing inequalities that we've seen in recent years. Personally, I want to see more women and girls as part of the solution, and low-income citizens must benefit from net zero technologies, not foot the bill. At Weir, we've given every employee in every country free shares in the company so that they become co-owners of our business with a real stake in our future. And it means we're all driven to deliver better and innovate faster. To me, that's a win-win, and it shows that there needn't be tension between people, profit, and the planet. We also need government to play its part in this. It sets the rules for companies to succeed. We need to know where we're headed and have confidence in the regulatory frameworks that will enable the journey. Leading a business that operates in over 70 countries, I can tell you that while many of these make it easier to invest, others make it much harder to grow and do the right thing. So my call is for governments to support and reward businesses doing the right things, whether that's investing in innovation, helping people develop their skills, or inspiring creativity and entrepreneurialism. These, to my mind, are some of the most powerful weapons that we have to tackle the challenges of today and tomorrow. And finally, I would urge our stakeholders, including government, investors, and regulators, to collaborate more closely to create consistent global standards that business can work with. We need to spend less time filling in forms and more on solving problems. So therein lies the opportunity: with greater partnership, pace, and participation, I believe we can meet this moment, and we can all play our part. Let me finish with a final observation about Glasgow. In this city, friendship comes with responsibility. In short, Glasgow expects. It is a deeply practical place. As our much-loved comedian Kevin Bridges points out, in Glasgow you don't ponder why, you demand how. When it comes to climate change, the debate is over. It's not about the why anymore. It's time to demand the how. We need to get on and solve this problem, all of us. And if we do that, we can leave a legacy for our children that everyone can be proud of. Thank you very much, and I hope you enjoy your evening. [Applause]