VANCOUVER, BC, April 26,
2022 /CNW/ - Building on our comprehensive
sustainability strategy announced in October
2021, Canfor Corporation (TSX: CFP) is announcing
the implementation of a comprehensive plan to achieve net-zero
carbon emissions by 2050.
To achieve net-zero, Canfor has developed near term
science-based targets that include reducing the carbon emissions
from pulp and wood products operations, which are defined as Scope
1 and Scope 2, by 42% by 2030 compared to our base year of 2020. In
addition, by 2024 we will measure and assess our global supply
chain and woodlands emissions, which are defined as Scope 3, and
set a science-based reduction target.
"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, 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
"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. Based on the projects identified to date, a majority of the
funds are anticipated to be invested in our Western Canadian
facilities," said Pat Elliott, Chief
Financial Officer and Senior Vice President, Sustainability,
Canfor is planning to join the Science Based Targets Initiative
(SBTi) and we have submitted our targets for validation.
Certain statements in this press release constitute
"forward-looking statements" which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "projects", "intends", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many factors
that could cause such actual events or results expressed or implied
by such forward-looking statements to differ materially from any
future results expressed or implied by such statements.
Forward-looking statements are based on current expectations and
Canfor assumes no obligation to update such information to reflect
later events or developments, except as required by law.
About Canfor Corporation
Canfor is a leading integrated forest products company based
in Vancouver, British Columbia
("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi, Arkansas and Louisiana, as well as in Sweden with 70% interest in Vida Group.
Canfor produces primarily softwood lumber and also owns a 54.8%
interest in Canfor Pulp Products Inc., which is one of the largest
global producers of market Northern Bleached Softwood Kraft Pulp
and a leading producer of high performance kraft paper. Canfor
shares are traded on The Toronto Stock Exchange under the symbol
CFP. For more information visit canfor.com.
SOURCE Canfor Corporation