General Announcement::Canacol Energy Ltd. Presents Its 2022 ESG Report

Issuer & Securities

Issuer/ Manager
CANACOL ENERGY LTD.
Securities
CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
10-Aug-2023 06:44:55
Status
New
Announcement Sub Title
Canacol Energy Ltd. Presents Its 2022 ESG Report
Announcement Reference
SG230810OTHR3OW0
Submitted By (Co./ Ind. Name)
Canacol Energy
Designation
Canacol Energy
Description (Please provide a detailed description of the event in the box below)
Canacol Energy Ltd. Presents Its 2022 ESG Report Highlighting New Long Term Climate Goals of a 50% reduction in Scope 1 and 2 Emissions by 2035, Carbon Neutrality by 2050, and Zero Methane Emissions by 2026

CALGARY, ALBERTA (August 9, 2023) - 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 & 2022 ESG Integrated Report (the ESG Report ).

Charle Gamba, President, and CEO of the Corporation stated: Canacol acknowledges the crucial role of natural gas in addressing climate change and global challenges. The Corporation remains committed to supporting Colombia's objective of achieving a 51% reduction in emissions by 2030. In line with this commitment, Canacol stands as a leading sustainable natural gas producer in the Americas, with Scope 1 and 2 GHG emission intensities that are more than 50% lower on average than our gas focused peers and more than 80% lower on average than our oil focused peers in North and South America. Our progress has driven us to the top 10th percentile of upstream oil and gas companies in the CSA S&P assessment, and we have received an A rating from MSCI, affirming Canacol's leadership in ESG. Continuing with our commitment to climate change, we are also pleased to announce that Canacol has set its decarbonization goals, whereby we aim to achieve zero methane emissions by 2026, reduce Scope 1 and 2 emissions by 50% by 2035, and achieve carbon neutrality by 2050 .

As the largest independent natural gas exploration and production company in the country, 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 believe a natural gas focused portfolio will maximize opportunities and ensure long term sustainability while delivering enhanced value to shareholders.

Recognizing the significance of incorporating an ESG Strategy into our business model, Canacol aligns its sustainability practices with its business objectives, key performance indicators, and risk management. The Corporation emphasizes continuous improvement in its ESG performance, driven by the expectations of shareholders and stakeholders.

Our 2022 ESG highlights:

Attachments

09.08.23 - Canacol Energy Ltd Presents Its 2022 ESG Report.pdf
Total size =112K