- Carbon Engineering partnership to advance aviation
decarbonization
MONTREAL, Nov. 17,
2022 /CNW Telbec/ - Air Canada today announced an
equity investment/loan of $6.75
million into Canadian climate solutions company Carbon
Engineering (CE). The investment supports the advancement of CE's
Direct Air Capture (DAC) technology that pulls carbon dioxide
(CO2) directly out of the air at large, industrial
scale.
Under its Climate Action Plan, Air Canada has committed to
achieve net-zero GHG emissions by 2050. To help achieve this goal,
the company created a $50 million
investment fund to support new technologies. The $6.75 million being invested in CE comes from
this fund and follows on an earlier announcement by Air Canada that
it is investing US$5 million in Heart
Aerospace, a Swedish company developing electric hybrid
aircraft.
"We remain focused on seeking innovative, long-term, sustainable
GHG emissions reduction solutions for aviation, and carbon capture
is one we have outlined in our strategy to achieving net-zero GHG
emissions by 2050. Last year, we became the first Canadian airline
to sign an MOU with CE to explore carbon capture scalability and
other initiatives for our industry. We are proud to invest in CE to
further advance new, transformational technologies towards carbon
removal commercially," said Michael
Rousseau, President & Chief Executive Officer at Air
Canada.
According to CE, their DAC process uses large fans to pull in
air and then, through a series of processes, extracts the
CO2 while returning the other air components to the
environment. The captured atmospheric CO2 can be used to
reduce aviation emissions by producing sustainable aviation fuels
(SAF) that can be drop-in compatible with today's aircraft. The
captured CO2 can also be safely and durably stored in
geologic reservoirs to provide carbon dioxide removals that can
used to offset GHG emissions.
Air Canada Climate
Strategy
Air Canada has committed to net-zero GHG emissions
from all its global operations by 2050, with absolute mid-term GHG
net reduction targets by 2030 of 20% from air operations and 30%
from ground operations compared to its 2019 baseline.
The company currently reports its annual GHG
emissions, targets and climate strategy through
the CDP and in 2022 issued its first Task Force on
Climate-related Financial Disclosures aligned report, available
here.
Additional information about Air Canada's Environmental Social
Governance activities is discussed in the airline's Corporate
Sustainability Report, Citizens of the World.
For more information about Air Canada's environmental and
sustainability programs, please visit Leave Less.
About Air Canada
Air Canada is Canada's largest airline, the country's flag
carrier and a founding member of Star
Alliance, the world's most comprehensive air transportation
network. Air Canada provides
scheduled passenger service directly to 50 airports in Canada, 47 in the
United States and 69 internationally. It holds a Four-Star
ranking from Skytrax. Air Canada's
Aeroplan program is Canada's
premier travel loyalty program, where members can earn or redeem
points on the world's largest airline partner network of 45
airlines, plus through an extensive range of merchandise, hotel and
car rental rewards. Its freight division, Air Canada Cargo,
provides air freight lift and connectivity to hundreds of
destinations across six continents using Air Canada's passenger
flights and cargo-only flights with its fleet of Boeing 767-300
freighters. Air Canada has
committed to a net-zero emissions goal from all global operations
by 2050.
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