Building on strong historical performance, ATCO commits to
net zero emissions by 2050
CALGARY, AB, Jan. 18, 2022
/CNW/ - ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y)
Building upon its long track record of sustainability
leadership, ATCO today announced a comprehensive set of 2030
environmental, social and governance (ESG) targets and a commitment
to achieve net zero greenhouse gas (GHG) emissions by 2050. ATCO's
2030 ESG targets include reducing its operational and customer
emissions, growing its renewable energy footprint, increasing
economic benefits for Indigenous partners, continuing its focus on
safety, and further promoting diversity, equity, and inclusion in
the workplace.
"For 75 years, the people of ATCO have pioneered innovative
solutions at the forefront of global trends, generating value for
our share owners and creating the conditions for our communities
and customers to thrive," said Nancy
Southern, Chair & Chief Executive Officer, ATCO. "Our
ambitious ESG targets reflect the same holistic perspective that
has underpinned our growth for decades—one that considers not just
near-term economic pressures but creates truly intergenerational,
sustainable prosperity."
ATCO's ESG targets will allow the company to measure its
progress in achieving its strategic goals of accelerating the
energy transition, advancing Indigenous reconciliation, and
supporting the communities it serves, while also supporting
long-term growth. The company also remains committed to the highest
health and safety standards and performance.
ATCO's 2030 ESG targets include1:
Supporting the energy transition and reducing GHG
emissions
- Reducing net operational GHG emissions to earnings intensity by
30 per cent (Scope 1 and 2).
- Reducing our customers' GHG emissions by 2 million tonnes
through continued participation in renewable energy, clean fuels,
energy efficiency, and energy infrastructure projects.
- Owning, developing, or managing over 1,000 MW of renewable
energy.
- Deriving 20 per cent of revenues from transitional product
categories (e.g., renewable natural gas and hydrogen).
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1 As
measured against a 2020 baseline.
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Promoting inclusive growth in our workforce and
communities
- Increasing net economic benefits to our Indigenous partners by
40 per cent. Net economic benefits to Indigenous partners capture
unique benefits ranging from partnership earnings and Indigenous
procurement to liaison work, fees and permits.
- Achieving and maintaining a minimum of 30 per cent female
representation at the Board of Director and senior leadership
levels.
- Achieving and maintaining a minimum of 25 per cent minority
representation within the ATCO Group workforce.
- Maintaining leading health and safety practices and
performance.
ATCO's 2050 Commitment
ATCO's 2050 net zero commitment builds upon the company's
significant progress in recent years in decarbonizing its
portfolio, including a 90 per cent reduction in operational GHG
emissions from 2019 to 2020 realized primarily through the sale of
Canadian Utilities' fossil fuel-based electricity generation
portfolio as well as reductions in its retained assets. ATCO is
actively pursuing several pathways to further reduce its
operational emissions, as well as its customers' emissions, by
accelerating the deployment and use of clean hydrogen, energy
storage, renewable electricity, and energy efficiency technologies.
In support of its net zero commitment, ATCO is also working with
all levels of government to advocate for enabling policy and
regulation, and to identify barriers that impede cost-effective,
economy-wide decarbonization.
"Achieving net zero by 2050 is a societal challenge that no
individual, business, or government can solve on its own. It will
require unprecedented collaboration among all constituents, as well
as an informed, pragmatic, and affordable roadmap from policymakers
to unlock the necessary scale and pace of private sector investment
and expertise," adds Southern. "With operations across the energy
value chain, ATCO will be a leader in driving the energy transition
towards cleaner fuels and electricity, without sacrificing the
safety, reliability, and affordability of energy that our customers
rely on."
ATCO continues to evaluate further ESG targets and conduct
additional analysis with respect to the company's 2050 net zero
commitment. Additional information and progress towards ATCO's ESG
targets will be included in the company's annual Sustainability
Report.
ATCO's Commitment to Sustainability
For ATCO, sustainability is more than an aspiration; it is
interwoven into our strategy, our day-to-day operations, the
products and services we provide, and the fabric of our people. It
manifests across our family of companies in countless ways, both in
how we conduct our day-to-day activities and in the contributions
we make to society through both our operations and the community
spirit of our people. Our enduring and holistic commitment is
clearly reflected in our efforts to cost-effectively and reliably
accelerate the energy transition; enhance our environmental
performance and reduce our greenhouse gas emissions; champion the
safety, inclusivity, and equity of our people, communities, and
customers; foster Indigenous and community partnerships based on
trust, equity and mutual respect; and ensure uninterrupted,
resilient, and reliable access to essential products and
services—anytime, anywhere.
To learn more about how ATCO delivers reliable, sustainability
energy solutions, or to read our 2020 Sustainability Report, please
click here.
With approximately 6,200 employees and assets of $22 billion, ATCO is a diversified global
corporation with investments in the essential services of
Structures & Logistics (workforce and residential housing,
innovative modular facilities, construction, site support services,
workforce lodging services, facility operations and maintenance,
defence operations services, and disaster and emergency management
services); Utilities (electricity and natural gas transmission and
distribution, and international electricity operations); Energy
Infrastructure (electricity generation, energy storage and
industrial water solutions); Retail Energy (electricity and natural
gas retail sales); Transportation (ports and transportation
logistics); and Commercial Real Estate. More information can be
found at www.ATCO.com.
Investor Inquiries:
Colin Jackson
Senior Vice President, Finance, Treasury, Risk &
Sustainability
403 808 2636
colin.jackson@atco.com
Media Inquiries:
Kurt
Kadatz
Senior Manager, Corporate Communications
587 228 4571
kurt.kadatz@atco.com
Definitions
Scope 1 GHG emissions are direct GHG
emissions from sources that are within the applicable reporting
boundary for the reporting entity, such as, emissions from
combustion in owned or controlled boilers, furnaces and
vehicles.
Scope 2 GHG emissions are indirect GHG
emissions from the generation of acquired and consumed electricity,
steam, heat or cooling. Scope 2 emissions physically occur at the
facility where electricity, steam, heat or cooling is
generated.
Scope 3 GHG emissions are indirect GHG
emissions not included in Scope 1 or Scope 2 that are a consequence
of activities of ATCO but occur from sources not owned or
controlled by ATCO.
Operational GHG Emissions are Scope 1 and
Scope 2 GHG emissions from operations.
Net Zero GHG Emissions cover ATCO's entire
value chain emissions, including Scope 1, Scope 2, and Scope 3 GHG
emissions.
Forward-Looking Information:
Certain
statements contained in this news release constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", "goals", "targets", "strategy", "future", and
similar expressions. In particular, forward-looking information in
this news release includes, but is not limited to, references to
general strategic plans and targets, including with respect to
reducing GHG emissions; intended future plans with regard to 2030
ESG goals related to GHG reduction, diversity and inclusion, and
safety; plans to increase economic benefits for Indigenous
partners; the aspiration to achieve net zero GHG emissions by 2050;
and plans to expand renewable energy infrastructure and
revenue.
Although the Company believes that the expectations reflected
in the forward-looking information are reasonable based on the
information available on the date such statements are made and
processes used to prepare the information, such statements are not
guarantees of future performance and no assurance can be given that
these expectations will prove to be correct. Forward-looking
information should not be unduly relied upon. By their nature,
these statements involve a variety of assumptions, known and
unknown risks and uncertainties, and other factors, which may cause
actual results, levels of activity, and achievements to differ
materially from those anticipated in such forward-looking
information. The forward-looking information reflects the Company's
beliefs and assumptions with respect to, among other things, the
Company's ability to successfully achieve its net zero GHG target
by 2050; its ability to achieve its 2030 ESG goals; the development
and performance of technology and technological innovations and the
ability to otherwise access and implement all technology necessary
to achieve GHG and ESG targets; continuing collaboration with
certain regulatory and environmental groups; the performance of
assets and equipment; demand levels for oil, natural gas, gasoline,
diesel and other energy sources; certain levels of future energy
use; future production rates; future earnings; and other
assumptions inherent in management's expectations in respect of the
forward-looking information identified herein.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of, among other things, risks inherent in the performance of
assets; capital efficiencies and cost savings; applicable laws and
government policies; regulatory decisions; competitive factors in
the industries in which the Company operates; prevailing economic
conditions (including as may be affected by the COVID-19 pandemic);
the availability and cost of labour, materials, services, and
infrastructure; the development and execution of projects; prices
of electricity, natural gas, natural gas liquids, and renewable
energy; the development and performance of technology and new
energy efficient products, services, and programs including but not
limited to the use of zero-emission and renewable fuels, carbon
capture, and storage, electrification of equipment powered by
zero-emission energy sources and utilization and availability of
carbon offsets; the occurrence of unexpected events such as fires,
severe weather conditions, explosions, blow-outs, equipment
failures, transportation incidents, and other accidents or similar
events; and other risk factors, many of which are beyond the
control of the Company. Due to the interdependencies
and correlation of these factors, the impact of any one material
assumption or risk on a forward-looking statement cannot be
determined with certainty. Readers are cautioned that the foregoing
lists are not exhaustive.
Any forward-looking information in this news release that may
be considered to be a financial outlook regarding future earnings,
prospective financial performance or financial position is based on
assumptions about future events, including economic conditions and
proposed courses of action based on management's assessment of the
relevant information that is currently available. Readers are
cautioned that such information should not be used for purposes
other than those for which it has been disclosed herein.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date
hereof, and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities legislation.
SOURCE ATCO Ltd.