Bruce Power is launching a $1 million Carbon Offset Accelerator Fund to support carbon sequestration and offset projects in the Clean Energy Frontier Region of Bruce, Grey and Huron counties and throughout Ontario. The Fund will be used to accelerate grassroots projects that will support the company’s goal of being Net Zero by 2027.
“Bruce Power is committed to building on our role as a clean electricity generator that led the phase-out of coal-fired electricity in Ontario to now providing action to enable a Net Zero future,” said James Scongack, Chief Development Officer and Executive Vice-President Operational Services at Bruce Power. “That’s why we will be the first nuclear operator in North America to be Net Zero by 2027 and to enable both 2030 and 2050 climate goals for Ontario and Canada,”
Earlier this year, Bruce Power announced its goal to be a net zero emitting company by 2027 and aims to meet its target by implementing energy and emission-reduction projects in its operations, finding alternatives to high-emission energy sources and, where further reductions are not feasible, pursuing emission offsets.
“I congratulate Bruce Power for once again showing leadership and environmental stewardship with this announcement,” said Huron-Bruce MPP Lisa Thompson. “This Carbon Offset Accelerator Fund is yet another example of how Bruce Power excels in innovation and dedication for a better tomorrow.”
The $1 million Accelerator Fund will be focused on funding projects identified through the Carbon Offset Coalition, along with a partnership Bruce Power has established with Bluesource, a leading North American offset developer, and other strategic alliances with a range of organizations. All funds will be allocated by March 31, 2022, marking one year since the company made its Net Zero by 2027 commitment and will be focused on projects including mitigating climate change by sequestering carbon, protecting our watershed, biodiversity and wildlife habitat and maintaining important wildlife corridors.
Through its Net Zero partnership with the Nuclear Innovation Institute (NII), Bruce Power will also be funding the development of carbon-offset projects in our local communities through the Carbon Offset Coalition. To learn more about the Carbon Offset Coalition, or to submit a proposal, visit www.carbonoffsetcoalition.com.
“The Carbon Offset Accelerator Fund will be used to put a wide range of projects into action within the coming months by leveraging our Environment & Sustainability Program, Carbon Offset Coalition and the recently launched Bruce Power Net Zero entity,” said Scongack.
In October, Bruce Power announced it had secured carbon offsets from two projects validated under the Canadian Standards Association Clean Projects Registry. Both projects, located in Leamington, Ontario, are focused on sustainable agriculture. C&B Farms Biomass to Energy and Pyramid Farms Biomass Energy use biomass boilers to warm their greenhouses. Biomass boilers are fed with organic waste from landfill, avoiding methane emissions, a potent greenhouse gas.
Bruce Power has taken major strides forward in its goal to be an industry leader when it comes to minimizing the environmental and ethical impacts of its business and in August, the company received its second Environmental Social and Governance (ESG) Risk Rating by the third-party rating agency Sustainalytics. This ESG Risk Rating earns the company a spot in the Top 5 within its sub-industry on a global scale.
Learn more about emission scopes and Bruce Power’s commitment and strategy with this fact sheet and to gain a better understanding of net zero check out NII’s Take a Moment to Better Understand Net Zero video.
Bluesource is the most experienced and most diversified corporate climate advisor providing innovative, trusted environmental services and products in North America. A full-service climate and energy action partner, Bluesource counsels leading organizations at every stage of the business cycle to simplify their next steps toward achieving their climate and environmental goals. With an understanding that no business, organization, or government agency regardless of its size can afford to be absent from the climate conversation, Bluesource has the breadth of services and depth of experience to help clients achieve their environmental and energy goals simply, efficiently, and credibly. Learn more at bluesource.com.
About Bruce Power
Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province and life-saving medical isotopes across the globe. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.