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TC Energy (TRP) Announces Net-Zero Carbon Emission Targets
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TC Energy Corporation (TRP - Free Report) released environmental, social and governance(“ESG”) targets, and emission-reduction strategies to achieve carbon neutrality from operations.
The company aims to achieve net-zero emissions from operations by 2050 amid mounting pressure from investors and environmental groups to shift its focus to sustainability. It also intends to slash 30% of the greenhouse gas emission intensity from its operations by 2030.
The company is aiming for five major areas to reduce the emission intensity from its operations. It plans to obtain low-carbon energy sources to support its operations, invest in low-carbon energy, and use carbon credits and offsets. Beside this, the company plans to develop and implement digitalization in operations, manage emissions, and reduce methane discharge, leaks and flaring from normal operations.
TC Energy’s climate targets, which involve Scope 1 and 2 emissions, focus on reducing carbon dioxide, methane and nitrogen oxide emissions. These are mainly generated from fuel combustion at the company’s natural gas pipeline assets. Notably, TC Energy commits to reducing Scope 3 emissions, an important interim step to achieving net-zero emissions.
Due to mounting pressure from investors to reduce emissions, energy companies have established various targets to increase renewable capacity and improve energy efficiency. Energy companies financed billions of dollars into renewables to help clean up the environment.
In early October, TC Energy decided to team up with electric truck manufacturer Nikola Corporation (NKLA - Free Report) to develop large-scale hydrogen production centers in the United States and Canada, in line with each company's sustainability goals. Notably, hydrogen can be crucial for carbon neutrality.
TC Energy is committed to its carbon-reduction initiatives, while becoming the carbon-free energy source of choice for the North America industrial, natural gas and oil sectors.
Company Profile & Price Performance
Headquartered in Calgary, Alberta, TC Energy is a premier natural gas-focused midstream energy service provider. The company is involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
Shares of the company have outperformed the industry in the past six months. The stock has gained 11.3% compared with the industry’s 8.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Image: Bigstock
TC Energy (TRP) Announces Net-Zero Carbon Emission Targets
TC Energy Corporation (TRP - Free Report) released environmental, social and governance(“ESG”) targets, and emission-reduction strategies to achieve carbon neutrality from operations.
The company aims to achieve net-zero emissions from operations by 2050 amid mounting pressure from investors and environmental groups to shift its focus to sustainability. It also intends to slash 30% of the greenhouse gas emission intensity from its operations by 2030.
The company is aiming for five major areas to reduce the emission intensity from its operations. It plans to obtain low-carbon energy sources to support its operations, invest in low-carbon energy, and use carbon credits and offsets. Beside this, the company plans to develop and implement digitalization in operations, manage emissions, and reduce methane discharge, leaks and flaring from normal operations.
TC Energy’s climate targets, which involve Scope 1 and 2 emissions, focus on reducing carbon dioxide, methane and nitrogen oxide emissions. These are mainly generated from fuel combustion at the company’s natural gas pipeline assets. Notably, TC Energy commits to reducing Scope 3 emissions, an important interim step to achieving net-zero emissions.
Due to mounting pressure from investors to reduce emissions, energy companies have established various targets to increase renewable capacity and improve energy efficiency. Energy companies financed billions of dollars into renewables to help clean up the environment.
In early October, TC Energy decided to team up with electric truck manufacturer Nikola Corporation (NKLA - Free Report) to develop large-scale hydrogen production centers in the United States and Canada, in line with each company's sustainability goals. Notably, hydrogen can be crucial for carbon neutrality.
TC Energy is committed to its carbon-reduction initiatives, while becoming the carbon-free energy source of choice for the North America industrial, natural gas and oil sectors.
Company Profile & Price Performance
Headquartered in Calgary, Alberta, TC Energy is a premier natural gas-focused midstream energy service provider. The company is involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
Shares of the company have outperformed the industry in the past six months. The stock has gained 11.3% compared with the industry’s 8.6% growth.
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Denbury Inc. and Suncor Energy Inc. (SU - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury’s earnings for 2021 are expected to surge 147.4% year over year.
Suncor’s earnings for 2021 are expected to increase 38.4% year over year.