As part of our energy transition strategy, we're taking concrete action to further decarbonize our base operations. With our new GHG targets in place, our focus and commitment continues to accelerate.
Our approach
In alignment with our long-term corporate strategy and our belief that global demand for lower-carbon energy will continue to grow, Keyera has set near-term and long-term GHG targets and developed a parallel path energy transition strategy. We are taking action to decarbonize our base operations, and at the same time, we are evaluating strategic, lower-carbon service offerings that will help us, our customers and our industry reduce emissions.
GHG targets
To enable our energy transition strategy, Keyera set near-term and long-term GHG emissions intensity targets in 2021. The near-term target sets a clear path to improve asset efficiency and reduce emissions intensity. Our long-term target builds on that momentum to further decarbonize our portfolio and creates value as we move towards a lower-carbon future.
Using 2019 as our baseline year, we have committed to reducing our scope 1 & 2 equity-based emissions intensity 25% by 2025 and 50% by 2035.
In 2023, we reduced our emissions intensity by 21% since 2019.
Decarbonizing our business
A key pillar of our energy transition strategy is reducing the emissions intensity of our current operations. Reducing operational emissions decreases Keyera’s environmental footprint, while also proactively addressing regulatory impacts and stakeholder concerns. Decarbonization efforts often lead to improved operational efficiency and reduced costs.
We are pursuing the decarbonization of our assets through four main approaches:
- Pursuing operational efficiency and employing technology
- Optimizing utilization of our facilities
- Supporting renewable energy
- Exploring carbon capture, utilization and storage (CCUS)
EXPLORING ENERGY TRANSITION OPPORTUNITIES
In parallel with our efforts to decarbonize our base business, Keyera is exploring new lower-carbon services and business models that leverage our current asset base and support our industry to reduce its emissions. Opportunities include CCUS, lower-carbon fuels and associated transportation, solvents that improve production efficiency, and hydrogen services and transportation. In particular, we have a vision to leverage Keyera’s assets in the Alberta Industrial Heartland to provide cost-competitive decarbonization services to our customers.
- Supporting lower-carbon fuels
- Exploring hydrogen opportunities
- Solvents that support lower intensity production
- Enabling customer carbon capture
Supporting renewable energy
One way we are decarbonizing our business is by forming partnerships with renewable generation providers to reduce emissions associated with power use at our facilities.
The Michichi Solar Project, our first power purchase agreement (PPA), became operational in 2023. This PPA now provides nearly 10% of our commercial power requirements. We also signed a new carbon-free solution PPA to start in 2025. Combined, these PPAs will account for approximately 40% of our commercial power needs in 2025.