Canacol Energy Ltd. Presents its 2023 ESG and TCFD Reports Highlighting Inclusion in the S&P Global Sustainability Yearbook 2023 for High Performance in Sustainable Practices
06 Juin 2024 - 2:00PM
Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE;
OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following
information concerning its Environmental, Social, and Governance
(“ESG”) Strategy.
Charle Gamba, President, and CEO of the
Corporation stated: “As the largest independent natural gas company
in Colombia we recognize the responsibility of meeting energy
demand while protecting the environment and local communities. Our
ESG strategy is designed to identify risks, implement solutions,
and create long-term value. In 2023 we achieved Scope 1 and 2 GHG
emission intensities that were more than 45% lower on average than
our gas focused peers and more than 75% lower on average than our
oil focused peers in North and South America.
These accomplishments reflect Canacol’s
dedication to sustainability and our role as a leader in the
industry. This is recognized by third-party ESG and sustainability
rating agencies, where we maintained an ‘A’ qualification in MSCI
for the second consecutive year, and with Canacol being added to
the S&P Sustainability Yearbook for 2023. We also ranked as the
best company in corporate governance in the Oil & Gas Upstream
& Integrated segment and ranked among the top 10% in our
industry overall.
Canacol maintains a prominent role in Colombia’s
energy transition, offering natural gas as a more environmentally
friendly alternative to carbon-intensive energy sources like crude
oil and coal. We continue to believe that a natural gas focused
portfolio ensures long term sustainability while delivering
enhanced value to our shareholders”.
Main 2023 ESG highlights:
A cleaner energy future:
- GHG emissions 75% & 45% lower
than Oil and Gas peers, respectively.
- First third-party verified Scope 3
emissions report.
- No reported hydrocarbon
spills.
- Climate risks assessment and
climate-related scenario analysis.
- Engaged in an agreement with the
Wildlife Conservation Society for reforestation efforts.
- No operations in UICN I-IV areas or UNESCO world heritage
areas.
- Recirculation of 100% of industrial
water.
- Our main goals are:
- Zero waste certification by 2024.
- Zero methane emissions by 2026.
- 50% reduction of scope 1 & 2 CO2e emissions by 2035.
- Scope 1 and 2 carbon neutrality by 2050.
Empowering our people:
- 37% women in the total workforce,
surpassing both the global average for the oil and gas industry
(22%) and the national average for Colombia (27%).
- 30% women in all management
positions.
- Executed 57 social projects,
positively impacting 39 communities, benefiting 14,916 people.
- No fatalities reported among
employees or contractors.
- Purchased 98% of all goods and
services locally within Colombia.
- Implemented the Best Buddies
program to foster the integration of individuals with disabilities
into the workforce.
A transparent and ethical business:
- Appointed the first woman to our
Board of Directors.
- No reported violations of the Code
of Ethics and Business Conduct.
- No human rights violations since
inception of the company.
- Launched a comprehensive Ethics,
Compliance, and Anti-corruption System.
- Introduced the Diversity, Equity
and Inclusion “DEI” Policy.
- Incorporated stress-testing and
sensibility analysis in our risk and opportunity management
processes.
Main recognitions:
- S&P Global Sustainable1:
leading company in Governance and Economic dimension within the Oil
& Gas Upstream & Integrated industry.
- S&P Global Sustainable1: top 6
percentile in Environmental Management within the Oil and Gas
Upstream and Integrated Sector.
- “Hechos de Sostenibilidad”
(Sustainability Acts) award from the Colombian Petroleum
Association (ACP) for our innovative oil recycling initiative.
- Aequales PAR ranking for the DEI
strategy: 65.8%, exceeding the average in Latin America (55%).
- Global Compact: recognition for
contributing to SDG 5 through the initiative "Canacol: a culture
focused on diversity, equity, and inclusion”.
- Great Place to Work Survey: high
satisfactory results.
Our 2023 ESG Integrated Report complies with the
Communication on Progress (CoP) requirement of the United Nations
Global Compact and has been prepared using GRI Standards following
the 2021 Sector Guide 11 for Oil and Gas, the SASB standards for
the Oil and Gas sector, and the reporting guide of the
International Petroleum Industry Environmental Conservation
Association (IPIECA). Our Report is also aligned with the
recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD), the United Nations Agenda 2030 Global
Framework, and the requirements of the Corporate Sustainability
Assessment (CSA) from S&P Sustainable1.
We invite you to read our full 2023 ESG report
and TCFD Report by visiting our website www.canacolenergy.com or
clicking the following link:
https://canacolenergy.com/sustainability/sustainability-reports/
About CanacolCanacol is a
natural gas exploration and production company with operations
focused in Colombia. The Corporation's common stock trades on the
Toronto Stock Exchange, the OTCQX in the United States of America,
and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and
CNEC, respectively.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of applicable
securities law. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur, including without limitation statements relating to
estimated production rates from the Corporation's properties and
intended work programs and associated timelines. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. The Corporation cannot assure that
actual results will be consistent with these forward-looking
statements. They are made as of the date hereof and are subject to
change and the Corporation assumes no obligation to revise or
update them to reflect new circumstances, except as required by
law. Prospective investors should not place undue reliance on
forward looking statements. These factors include the inherent
risks involved in the exploration for and development of crude oil
and natural gas properties, the uncertainties involved in
interpreting drilling results and other geological and geophysical
data, fluctuating energy prices, the possibility of cost overruns
or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include
risks associated with negotiating with foreign governments as well
as country risk associated with conducting international
activities, and other factors, many of which are beyond the control
of the Corporation.
For more information please contact:
Investor Relations
South America: +571.621.1747 IR-SA@canacolenergy.com
Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
Canacol Energy (TSX:CNE)
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