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Canfor sets targets to achieve net-zero carbon emissions by 2050

Canfor announced that it is implementing a comprehensive plan to achieve net-zero carbon emissions by 2050. This is aligned with its sustainability strategy announced in October 2021.

“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.”

To achieve net-zero, Canfor has developed near-term science-based targets. This includes reducing the carbon emissions from pulp and wood products operations, which are defined as Scope 1 and Scope 2, by 42 percent by 2030 compared to its base year of 2020. In addition, by 2024 the company will measure and assess its global supply chain and woodlands emissions, defined as Scope 3, and set a science-based reduction target.

“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 percent 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 of sustainability at Canfor.

Canfor is planning to join the Science Based Targets Initiative (SBTi) and it has submitted its targets for validation.