DECEMBER - JANUARY 9 ENVIRONMENTAL BUSINESS REVIEWUnlike the global 2050 goals, we opted for a shorter-term target to maintain momentum and set interim targets, starting with a 5 percent reduction goal the following year and escalating toward a 100 percent reduction by 2027and enhancing our understanding of our impact on the environment, society, and governance.How did you become involved in ESG, and what challenges or educational needs have you observed in your interactions with clients and other companies regarding ESG and the journey to Net Zero?Recognizing the world's increasing focus on climate change, we evaluated our role as a clean electricity provider in the nuclear industry. While we contribute to clean energy and support provincial goals, we understand that this alone is insufficient. Despite our low carbon intensity, we identified greenhouse gas emissions from building heating, electricity use, and standby generators, crucial safety systems for nuclear power plants. In early 2021, we committed to achieving net-zero emissions by 2027. Unlike the global 2050 goals, we opted for a shorter-term target to maintain momentum and set interim targets, starting with a 5 percent reduction goal the following year and escalating toward a 100 percent reduction by 2027.Addressing challenges and gaining buy-in within the nuclear industry was a hurdle due to its long project timelines and capital sourcing. Additionally, the short-term inability to achieve a 100 percent reduction posed challenges, as reliance on offsets raised concerns about greenwashing. To combat this, we focused on a credible action plan to reduce and avoid emissions. This included optimizing building usage, changing the energy supply, transitioning away from steam, and electrifying our fleet. The offset aspect was crucial, and we sought a home-grown solution aligning with our values and supporting Ontario's nuclear supply chain. In our rural area, we initiated a $1 million Carbon Accelerator Fund and formed a carbon offset coalition with the Nuclear Innovation Institute. This partnership led to the Alice New Acre project, collaborating with local farmers and ranchers to implement sustainable practices on marginal lands. We aim to transition over 600 acres into sustainability practices, yielding carbon offsets to support our net-zero goals.In the next 12 to 18 months, what key trends and technological advancements should companies, regardless of size, on the path to net zero, be aware of and potentially leverage to achieve their sustainability goals effectively?One crucial trend to watch out for is "greenwashing." It's essential for companies not to fall into this category but also not to shy away from taking meaningful actions for fear of being perceived as such. For instance, the Alice New Acre project, a nature-based solution, demonstrates that while existing protocols for carbon sequestration are in place, there are additional benefits in terms of biodiversity, water quality, and ecosystem protection. We must take calculated risks to reap the rewards that will help us achieve our net-zero goals. Another trend worth noting is companies setting 2050 targets without establishing interim targets. This approach could impede progress, as waiting for innovation or silver bullets to simplify achieving net zero may not be sufficient. Instead, cumulative efforts starting now are crucial for making progress toward sustainability goals.What advice would you offer to your peers and aspiring professionals who aspire to be frontrunners in sustainability and environmental leadership?My advice is to start small, even if it's not a perfect solution. Begin by addressing low-hanging fruit and making progress, with longer-term commitments to tackle more challenging areas. Focus on avoiding emissions through efficient site usage and energy reduction, as every avoided emission has a lasting impact. Challenge the status quo, as perceptions of what's "clean and green" can evolve, and you can influence positive change. Don't solely rely on existing carbon offset protocols; be willing to innovate and develop new ones to make a meaningful contribution to global decarbonization. In the fight against climate change, many small actions and activities collectively make a significant difference.
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