Canfor Moving Forward on Comprehensive Sustainability Strategy—Net-Zero Carbon Emissions by 2050

On Tuesday (4-26-22), Canfor Corporation announced it was taking steps to implement its comprehensive sustainability strategy that was originally introduced in October 2021. Canfor plans on achieving net-zero carbon emissions by 2050.

Canfor has developed near term science-based targets to achieve their net-zero carbon emission goals. That includes 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 its base year of 2020. In addition, by 2024 Canfor will measure and assess its global supply chain and woodlands emissions, which are defined as Scope 3, and set a science-based reduction target.

Don Kayne, President and CEO of Canfor, said, “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. 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.”

Pat Elliott, Chief Financial Officer and Senior Vice President of Sustainability at Canfor, added, “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.”

Canfor is planning to join the Science Based Targets Initiative (SBTi) and has submitted their targeted goals for validation.