CALGARY, AB, Nov. 23, 2021 /CNW/ - Today, Keyera published its
first Climate Report, which includes the company's emissions
intensity reduction targets. The report, which represents an
important milestone in Keyera's sustainability journey, aims to
provide stakeholders with transparent, decision-useful,
climate-related information and can be viewed at
www.keyera.com/sustainability.
"Keyera has the opportunity to play an important role in the
energy transition," said Keyera's President and CEO, Dean Setoguchi. "We will navigate the challenge
of reducing our emissions, while helping to meet global demand for
clean and reliable sources of energy. We believe we can do
this while generating strong returns for our shareholders. This
will mean engaging with customers, industry peers, suppliers,
indigenous communities, regulators and governments, and other
stakeholders to find economic solutions that will make a real
impact."
Clearly Defined Pathways to Achieving Industry-Leading
Targets
Keyera is taking a parallel path approach to reach its targets.
Firstly, to decarbonize its current base operations and secondly to
pursue energy transition investment opportunities, leveraging the
existing asset base, core competencies and strong customer
relationships.
- Keyera has set a near-term target to achieve a 25% reduction in
scope 1 and scope 2 GHG intensity (equity basis) from 2019 levels
by 2025. This target will be achieved through continued
decarbonization of existing assets, including building upon actions
already underway. Actions include:
-
- The Gathering and Processing segment optimization program (now
complete).
- Anticipated ramp up of lower emissions intensity assets like
the Wildhorse Terminal in Oklahoma
(in-service) and the KAPS pipeline project in Alberta (under construction).
- Continued investment in upgrades, retrofits, and digitalization
to enhance operational efficiency and improve performance.
- From 2019 to 2035, Keyera is targeting a 50% reduction in scope
1 and scope 2 GHG intensity (equity basis). This will be achieved
through:
-
- Further optimization of Keyera's assets.
- Using more renewable and low-carbon sources of power including
solar and co-generation.
- Increasing the use of carbon capture, utilization and storage
technologies in Keyera's own operations and as a service for
customers.
- Additional opportunities aimed at providing the industry with
products that can help lower emissions like solvents, hydrogen and
lower carbon fuel.
![Expected Reduction in Keyera's GHG Intensity From 2019 Baseline (CNW Group/Keyera Corp.) Expected Reduction in Keyera's GHG Intensity From 2019 Baseline (CNW Group/Keyera Corp.)](https://mma.prnewswire.com/media/1694425/Keyera_Corp__Keyera_Sets_GHG_Intensity_Reduction_Target_of_25__b.jpg)
Strong Governance and Management Alignment
- Effective Jan 1, 2022, a new
Board Committee structure will be in place. This includes the
creation of a Governance & Sustainability Committee to assist
the Board in its oversight of climate and ESG-related topics, as
well as energy transition related investment opportunities.
- Keyera has had climate-related performance, including emissions
reduction metrics, integrated into its short-term incentive plan
since 2020. This aligns compensation outcomes for all employees,
including executives, to environmental performance
Progress-To-Date
Keyera has long recognized the need to address climate-related
risks pertaining to the business. Progress on select emissions
reductions initiatives includes:
- A 35% reduction in scope 1 and 2 emissions intensity, on an
equity basis, between 2017 and 2020.
- Further reducing scope 2 emissions by signing a 15-year
renewable solar power purchase agreement. This will provide the
equivalent of 10% of Keyera's electricity needs.
- Carbon sequestration (acid gas
injection) currently in use at six of our Gathering and Processing
facilities.
- A dedicated team responsible for identifying and evaluating
commercial opportunities and service offerings related to emissions
reduction.
- Integration of climate-related risks into Keyera's investment
screening process.
Aligned to Global Climate Disclosure Frameworks
- Keyera's Climate Report follows recommendations set by the Task
Force on Climate-Related Financial Disclosures (TCFD), and metrics
aligned with guidance from the Sustainability Accounting Standards
Board (SASB).
- As part of the company's commitment to continuous improvement,
it will continue to monitor and consider other global emissions
frameworks suitable for midstream companies, including those of the
Science Based Targets initiative (SBTi), and the recently announced
International Sustainability Standards Board (ISSB).
- Keyera will continue to progress its understanding of scope 3
emissions associated with its value chains. This work will guide
potential future target-setting initiatives, including absolute
emissions reduction targets and net-zero ambitions.
Additional Information
For more information please visit our website at
www.keyera.com or contact:
Kris Frederickson, Director,
Sustainability
Email: sustainability@keyera.com
Dan Cuthbertson, Director,
Investor Relations
Calvin Locke, Manager, Investor
Relations
Email: ir@keyera.com
Telephone: 403.205.7670
Toll free: 888.699.4853
About Keyera Corp.
Keyera Corp. (TSX:KEY) operates an integrated Canadian-based
energy infrastructure business with extensive interconnected assets
and depth of expertise in delivering energy solutions. Its
predominantly fee-for-service based business consists of natural
gas gathering and processing; natural gas liquids processing,
transportation, storage and marketing; iso-octane production and
sales; and an industry-leading condensate system in the
Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high
quality, value-added services to its customers across North America and is committed to conducting
its business ethically, safely and in an environmentally and
financially responsible manner.
Forward-Looking Statements
In order to provide readers with information regarding Keyera,
including its assessment of future plans, operations and financial
performance, certain statements contained herein are
forward-looking. These forward-looking statements relate to future
events or Keyera's future performance. Such statements are
predictions only and actual events or results may differ
materially. Forward-looking statements are typically identified by
words such as "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "plan", "intend", "believe",
and similar expressions, including the negatives thereof. All
statements other than statements of historical fact contained in
this document are forward-looking statements.
The forward-looking statements reflect management's current
beliefs and assumptions with respect to such things as the outlook
for general economic trends, industry trends, commodity prices,
capital markets, the integrity and reliability of Keyera's assets,
and the governmental, regulatory, and legal environment. In some
instances, forward-looking statements contained herein may be
attributed to third party sources. Management believes that its
assumptions and analysis herein are reasonable and that the
expectations reflected in the forward-looking statements contained
herein are also reasonable based on the information available on
the date such statements were made, and the process used to prepare
the information. However, Keyera cannot assure readers that these
expectations will prove to be correct.
All forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
events, levels of activity and achievements to differ materially
from those anticipated in the forward-looking statements. For
information about the risk factors that could cause actual results
to differ materially from forward-looking statements, as well as
other assumptions used to develop the forward looking statements,
please refer to Keyera's filings made with Canadian provincial
securities commissions, including Keyera's Management Discussion
& Analysis dated February 10, 2021 and Keyera's
Annual Information Form dated February 10, 2021, which can be
viewed on SEDAR at www.sedar.com and on the Keyera
website at www.keyera.com. In addition, the effects,
risks and impacts related to widespread epidemic or pandemic
outbreaks, including the coronavirus disease (COVID-19), on
Keyera's business, the global economy and markets continue to be
unknown at this time and could cause Keyera's actual results to
differ materially from the forward-looking statements contained in
this news release.
Readers are cautioned that the foregoing is not exhaustive, that
they should not unduly rely on these forward-looking statements,
that the information contained in the forward-looking statements
may not be appropriate for other purposes and that the
forward-looking statements in this news release speak only as of
the date hereof. Unless required by law, Keyera does not intend and
does not assume any obligation to update its forward-looking
statements. All forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Further information about the factors affecting forward-looking
statements and management's assumptions and analysis thereof, is
available in filings made by Keyera with Canadian provincial
securities commissions, which can be viewed on SEDAR
at www.sedar.com.
SOURCE Keyera Corp.