Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy
or the company) today announced a new sustainable energy initiative
for the Keystone XL Project. The company will achieve net zero
emissions across the project operations when it is placed into
service in 2023 and has committed the operations will be fully
powered by renewable energy sources no later than 2030. This
announcement comes after an extensive period of study and analysis,
and as part of the company’s ongoing commitment to sustainability,
thoughtfully finding innovative ways to reduce greenhouse gas (GHG)
emissions, while providing communities with reliable energy needed
today.
“Since it was initially proposed more than 10 years ago, the
Keystone XL project has evolved with the needs of North America,
our communities and the environment,” said Richard Prior, President
of Keystone XL. “We are confident that Keystone XL is not only the
safest and most reliable method to transport oil to markets, but
the initiatives announced today also ensures it will have the
lowest environmental impact of an oil pipeline in terms of
greenhouse gas emissions. Canada and the United States are among
the most environmentally responsible countries in the world with
some of the strictest standards for fossil fuel production.”
Following the successful implementation of this initiative, TC
Energy expects to be among the top 10 corporate renewable sponsors
in North America. Additionally, this is expected to eliminate more
than three million tonnes of CO2 equivalent emitted every year in
GHG emissions – the equivalent of approximately 650,000 cars taken
off the road.
As part of this announcement, TC Energy is expected to spur an
investment of over US$1.7 billion in communities along the Keystone
XL footprint creating approximately 1.6 gigawatts of renewable
electric capacity, and thousands of construction jobs in rural and
Indigenous communities.
As part of its continued commitment to working with union labor
in the U.S. and Canada, Keystone XL has also signed a Memorandum of
Understanding (MOU) with North America’s Building Trades Unions
(NABTU) to work together on the construction of TC Energy owned or
sourced renewable energy projects.
“With our continued commitment to safety, creating
family-sustaining, middle class jobs, NABTU is pleased to announce
our agreement with TC Energy to ensure building trades labor
constructs renewable energy projects along the entire Keystone XL
route,” said NABTU President Sean McGarvey. “This will help to meet
KXL’s commitment to achieving net zero emissions by 2023, create
the power capacity required to operate the pipeline from renewable
energy sources and create thousands of jobs between now and 2030 –
jobs for the highly skilled women and men of the building
trades.”
By implementing this initiative, Keystone XL will eliminate the
impact of GHG emissions from the project’s operations.
Additionally, Keystone XL will allow responsibly produced Canadian
oil to be safely transported into the United States from many
producers who have set their own net zero emissions goals. Canadian
Oil Sands producers have cut emissions intensity by 21 percent in
recent years and they are expected to fall another 27 percent by
2030.
Net zero emissions will be achieved when the pipeline is placed
into service by purchasing renewable energy from electricity
providers; if not available, Keystone XL will instead purchase
renewable energy credits (REC) or carbon offsets. The company is
committing that additional renewable sources along the pipeline’s
route will be developed to power Keystone XL’s operations by 2030,
phasing out any potential REC or carbon offsets and meeting power
demand with new renewable electricity generation.
“At TC Energy, we are firmly committed to being part of the
transition to the next generation of energy sources. Climate change
is a serious issue and we have an important role to play in
managing GHG emissions while balancing the need for safe, reliable
and economic energy,” said François Poirier, President and Chief
Executive Officer of TC Energy. “Today’s announcement is directly
in line with our goal of doing what’s right for our communities and
signifies Keystone XL’s commitment to strengthen efforts to create
a sustainable future for all.”
Investment spurred in renewable power resources is expected to
add to the more than $100 million of property taxes Keystone XL
will generate annually for local governments along its route,
supporting critical economic recovery and growth.
Keystone XL has changed considerably since it was originally
conceived, and this project will serve as the gold standard for
responsible and sustainable energy infrastructure development. In
addition to its green initiatives, Keystone XL announced the
signing of Indigenous communities as equity owners, and that the
project will be constructed under a Project Labor Agreement,
ensuring 100 percent of construction is done through union
labor.
For information on Keystone XL and its green commitment, visit
KeystoneXL.com. In addition, you can review TC Energy’s 2020 Report
on Sustainability.
Additional Statements from Notable Organizations
Regarding Today’s Announcement
- Canadian Building Trades Executive Director Sean
Strickland: “At a time of economic uncertainty, this will
create thousands of jobs on both sides of the border; creating
opportunities for underrepresented groups, including Indigenous
peoples all along the KXL route. At the Building Trades, we
continue to invest in training for our members to work on new forms
of renewable technologies, that create jobs while continuing to
meet our energy needs. Our brothers and sisters in Alberta,
Saskatchewan and throughout the US where KXL passes through will
see positive benefits from this project.”
About TC Energy We are a vital part of
everyday life — delivering the energy millions of people rely on to
power their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,500 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP.
FORWARD-LOOKING INFORMATION This news release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this news release are
intended to provide TC Energy security holders and potential
investors with information regarding TC Energy and its
subsidiaries, including management's assessment of TC Energy's and
its subsidiaries' future plans and financial outlook. All
forward-looking statements reflect TC Energy's beliefs and
assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and Annual Report filed under TC Energy’s
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
Media Inquiries:Terry Cunha / Robynn
Tysver403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mau403-920-7911 or 800-361-6522
PDF
available: http://ml.globenewswire.com/Resource/Download/2a3ca38d-95d4-46d4-9af1-afac058e5d03
TC Energy (TSX:TRP)
Historical Stock Chart
From Mar 2024 to Apr 2024
TC Energy (TSX:TRP)
Historical Stock Chart
From Apr 2023 to Apr 2024