Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its ESG Strategy & 2020 Sustainability Report.
Charle Gamba, President and CEO of the Corporation, commented: “In a constantly changing world we believe in the critical role of natural gas in energy transition, and we fully support the global plans to meet the goals of the Paris Agreement. Specifically, in Colombia, we are committed to contribute to the country’s goal of 51% emissions reduction by 2030. As leaders in the production of the cleanest-burning hydrocarbon, we are committed to supplying the increasing energy demand while reducing carbon emissions, improving air quality, and developing conditions for the growth and development of Colombia’s economy and it’s people.
It is worth noting that we produce almost pure (97%+) methane without any significant quantities of natural gas liquids, condensate, light oil, water, carbon dioxide, nitrogen, sulphur, or other gas or impurities. The pure nature of our produced gas stream allows sales via the gas distribution grid after only minimal, energy efficient processing, thereby reducing operating costs and supporting high rates of return & low carbon footprint. We recognize that sustainability is an essential path for generating value for all our stakeholders.”
Canacol’s objective is to provide cleaner energy to millions of people through the exploration, production, and supply of conventional natural gas. Its primary objective is to generate value for all its stakeholders in a sustainable, collaborative, co-responsible, respectful, and transparent way. Thanks to the transition to natural gas, the Corporation now has a more environmentally friendly value proposition that contributes to the reduction of CO2 emissions in Colombia and a more efficient use of resources. Canacol also continues to support its neighbouring communities in essential social projects such as access to water and utility gas, productive projects, construction and improvement of public and community infrastructure, technical and university scholarships, among others.
All of the actions that Canacol carries out in response and benefit of its stakeholders are framed in our sustainability model and are based on our corporate values, strategies and objectives from an ESG perspective. With the goal of becoming a leading company in sustainability, continuous improvement has become a fundamental axis within Canacol. As a result, Canacol created a comprehensive model focused on implementing and leading best practices in corporate sustainability affairs at a global level.
Canacol is committed to further developing its six-year ESG strategy that has four priorities:
- A cleaner energy future: deliver natural gas under the highest environmental and operational efficiency standards.
- A safe and committed team: maintain best-in-class health and safety practices and promote a diverse and inclusive culture.
- A transparent and ethical business: adopt the best practices, encourage respect for human rights, and ensure ethics and integrity in everything Canacol does.
- A society guided by sustainable development: promote and maintain close and transparent relationships that guarantee Canacol’s nearby communities’ growth and quality of life.
In 2020, the Corporation reviewed how different stakeholders access and use ESG information in order to better understand their needs. Based on this review, Canacol made improvements to the way it manages and reports sustainability. The Corporation reduced duplications, integrating more information in the Corporation’s Annual ESG report thereby increasing the coverage of ESG methodologies and standards.
In 2020, the Corporation’s Annual ESG Report covered: GRI’s Oil & Gas G4 Sector Disclosures, Sustainability Accounting Standards Board (SASB), Carbon Disclosure Project (CDP), Task Force on Climate-Related Financial Disclosures (TCFD), Corporate Sustainability Assessment S&P Global, standards suggested by Bloomberg, the United Nations Sustainable Development Goals (SDGs) and the World Economic Forum Guide: Measuring Stakeholder Capitalism.
To read the full report, visit our website www.canacolenergy.com or click the following link: https://canacolenergy.co/site/assets/files/3547/sustainability_report_2020.pdf