MONTREAL, November 17, 2022 /CNW Telbec/ – Air Canada today made an equity investment/loan of $6.75 million into the Canadian climate solutions company Carbon Engineering (CE). The investment supports the advancement of CE’s Direct Air Capture (DAC) technology, which captures carbon dioxide (CO2) on a large industrial scale directly from the air.
As part of its climate action plan, Air Canada has committed to achieving net-zero greenhouse gas emissions by 2050. To achieve this goal, the company a 50 million dollars Investment funds to support new technologies. That $6.75 million The investment in CE comes from this fund and follows an earlier announcement by Air Canada that it was investing $5 million at Heart Aerospace, a Swedish company developing hybrid electric aircraft.
“We remain focused on finding innovative, long-term and sustainable solutions to reduce greenhouse gas emissions for aviation, and carbon capture is one that we have outlined in our strategy to achieve net-zero greenhouse gas emissions by 2050. Last year we became the first Canadian airline to sign a MoU with CE to explore scalability of carbon capture and other initiatives for our industry. We are proud to invest in CE to further advance new, transformative commercial CO2 removal technologies,” said Michael RousseauPresident and Chief Executive Officer of Air Canada.
According to CE, their DAC process uses large fans to draw in air and then through a series of processes, extract the CO2 while the other air components are returned to the environment. The captured atmospheric CO2 can be used to reduce flight emissions by producing sustainable aviation fuels (SAF) that are compatible with today’s aircraft. The captured CO2 can also be safely and permanently stored in geological reservoirs to remove carbon dioxide that can be used to offset greenhouse gas emissions.
Air Canada’s climate strategy
Air Canada is committed to net-zero greenhouse gas emissions from all of its global operations by 2050, with absolute medium-term net greenhouse gas reduction targets by 2030 of 20% from flight operations and 30% from ground operations compared to its 2019 baseline.
The company is currently reporting on its annual greenhouse gas emissions, targets and climate strategy CDP and published its first coordinated report of the Task Force on Climate-related Financial Disclosures in 2022, available here.
For more information on Air Canada’s environmental social governance activities, see the airline’s Corporate Sustainability Report. citizens of the world.
For more information on Air Canada’s environmental and sustainability programs, visit Leave less.
About Air Canada
Air Canada is canada largest airline, flagship in the country and founding member of star alliance, the most comprehensive air transport network in the world. Air Canada offers scheduled passenger service direct to 50 airports in Canada47 inches The United States and 69 internationally. It has a four-star rating from Skytrax. Air canada Aeroplan program is canada leading travel loyalty program, allowing members to earn or redeem points across the world’s largest airline partner network of 45 airlines, as well as a comprehensive selection of merchandise, hotel and car rental rewards. Its cargo division, Air Canada Cargo, provides air cargo transportation and connectivity to hundreds of destinations on six continents using Air Canada’s passenger and all-cargo flights on its fleet of Boeing 767-300 freighter aircraft. Air Canada has committed to a net zero emissions target from all global operations by 2050.
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SOURCE Air Canada
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