VANCOUVER, BC (News release) -- Canfor Pulp Products Inc. (TSX: CFX) and Canfor Corporation (TSX: CFP) jointly announce the release of the 2022 Sustainability Report, which outlines performance on environmental topics such climate change, sustainable forestry and energy management, and people-centered issues such as inclusion and diversity and Indigenous relations.
"Our deep commitment to sustainability has long been embedded in Canfor Pulp and it is well aligned with the role our climate-friendly products are playing in the transition to a low carbon economy. Our 2022 Sustainability Report outlines the progress we are making in our organization within our three pillars of people, planet and products," says Kevin Edgson, President and CEO of Canfor Pulp. "The pulp and paper products we manufacture are playing an important role in displacing plastics and other fossil fuel-based products. We need these low-carbon, renewable products to help achieve our shared global climate change goals."
We continue to invest in a wide range of sustainability initiatives, with particular emphasis on greenhouse gas (GHG) emissions reductions. We have a target to reduce scope 1 and 2 GHG emissions by 42% by 2030 compared to a 2020 baseline year and have committed to investing at least $250 million in decarbonization projects through initiatives including fuel switching, energy efficiency and electrification opportunities. New for this year is a target to distribute $2 million annually to support community programs and initiatives through Canfor's Good Things Come From Trees community giving program, and performance against targets for water management and air quality for Canfor Pulp.
For the first time, we obtained limited assurance from an independent third party on our scope 1 and 2 GHG emissions inventory for the 2020 baseline and 2022 performance year. "Undergoing external validation of our GHG emissions each year will give us a solid understanding of where we are today and the comprehensive decarbonization plan required to achieve our goals. This is an important step in our sustainability journey," says Pat Elliott, CFO, Canfor and Canfor Pulp, and Senior Vice President, Sustainability.
The 2022 Sustainability Report also includes select information on ESG topics for the Vida Group, the Sweden-based wood products manufacturing company of which Canfor has a 70% ownership position. As Vida's sustainability strategy progresses, we will work to align reporting processes with any new sustainability reporting regulations, both in North America and in Europe.
The full report including performance details from 13 material topics, along with separate Sustainability Highlights and Performance at a Glance documents, are available for download at sustainability.canfor.com.
Canfor's 2022 Sustainability Report (10 MB)
Canfor's 2022 Sustainability Highlights (2 MB)
2022 Performance at a Glance