VANCOUVER, British Columbia – Canfor, an integrated forest products company, announced the implementation of a comprehensive plan to achieve net-zero carbon emissions by 2050.
The company, which operates paper and lumber mills in Canada and the United States, said it would invest at least $250 million in carbon reduction technologies at its facilities with the goal of reducing carbon emissions by 42% by 2030.
The company also said it plans to join the Science Based Targets Initiative (SBTi) and has already submitted carbon-reduction targets for validation. SBTi is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature with the aim of helping companies meet the goals set in the Paris Agreement on climate change.
"Building on our long history of sustainable forest management and producing carbon-storing renewable products, we have a responsibility to achieve net-zero carbon emissions by 2050 to help mitigate climate change for future generations," said Don Kayne, president and CEO of Canfor. "We are committed to reducing our global operating, woodlands, and supply chain emissions and investing in bio-innovation to create new opportunities for our products to reduce the use of fossil-fuel intensive materials."
"Over the next eight years Canfor intends to invest at least $250 million in carbon reduction initiatives at our facilities to reduce our emissions by 42% by 2030,” said Pat Elliott, CFO and senior vice president of sustainability for Canfor. “Based on the projects identified to date, a majority of the funds are anticipated to be invested in our Western Canadian facilities."
Have something to say? Share your thoughts with us in the comments below.