Federated Co-operatives Limited is committing to reduce their greenhouse gas emissions.
On Thursday, CEO Scott Banda announced that FCL is committing to reduce their greenhouse gas emissions by 40 per cent below 2015 levels by the year 2030 and FCL is also aspiring to achieve net zero by the year 2050.
Co-op also announced that they’re going to build and operate carbon capture facilities at the Co-op Ethanol Complex and the Co-op Refinery Complex in Regina. They have also signed a memorandum of understanding with Calgary-based Whitecap Resources to isolate nearly 500 thousand tonnes of CO2 from the facilities to Whitecaps’s Weyburn facility on an annual basis.
FCL expects carbon capture at the Co-op Ethanol complex to be completed in 2024 with the commissioning of carbon capture at the Regina refinery complex beginning in 2026.
Since the first injection back in the year 2000, the Weyburn facility has sequestered over 36 million tonnes of carbon dioxide. “The transition to a low-carbon economy is one of the largest, but most necessary, shifts we’ll have to make in our long history.” says Banda.
It’s estimated that FCL will invest $510 million dollars into carbon capture facilities.