Canfor Implements Net-zero Plan

Building on its sustainability strategy announced in October 2021, Canfor Corporation will implement a comprehensive plan to achieve net-zero carbon emissions by 2050. To do so, it 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 per cent by 2030 compared to its base year of 2020. In addition, by 2024 it will measure and assess its global supply chain and woodlands emissions, which are defined as Scope 3, and set a science-based reduction target. Over the next eight years, it intends to invest at least $250 million in carbon reduction initiatives at its facilities to reduce its emissions by 42 per cent by 2030. Based on the projects identified to date, a majority of the funds are anticipated to be invested in its western Canadian facilities. It is also planning to join the Science Based Targets Initiative (SBTi) and has submitted its targets for validation.