Canacol Energy Sustainability Profile
Canacol Energy Ltd., a prominent player in the oil and gas industry, is headquartered in Calgary, Alberta (CA). Founded in 2008, the company has established a strong presence in Colombia, focusing on the exploration and production of natural gas. Canacol is renowned for its commitment to sustainable energy practices, offering unique services that prioritise environmental responsibility while meeting the growing energy demands. With a diverse portfolio of assets, Canacol Energy has achieved significant milestones, including the development of key gas fields that contribute to Colombia's energy supply. The company’s strategic approach and innovative technologies have positioned it as a leader in the Colombian market, recognised for its operational excellence and strong financial performance. As Canacol continues to expand its footprint, it remains dedicated to delivering reliable energy solutions while fostering sustainable development in the regions it operates.
DitchCarbon Score
How does Canacol Energy's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Gas/Diesel Oil industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Canacol Energy's score of 23 is higher than 53% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Canacol Energy's reported carbon emissions
In 2023, Canacol Energy reported total carbon emissions of approximately 4,000,000,000 kg CO2e, with significant contributions from Scope 3 emissions, which accounted for about 3,872,237,900 kg CO2e. Scope 1 emissions were reported at approximately 111,180,230 kg CO2e, while Scope 2 emissions from purchased electricity were about 28,570 kg CO2e. The company has shown a notable increase in emissions compared to 2022, where total emissions were around 66,631,000 kg CO2e, primarily from Scope 1 (approximately 66,609,000 kg CO2e) and Scope 2 (about 22,560 kg CO2e). Canacol Energy's emissions data is cascaded from its parent company, Canacol Energy Ltd, indicating a corporate family relationship. However, the company has not set specific reduction targets or initiatives as part of its climate commitments, nor does it participate in the Science Based Targets initiative (SBTi). The absence of documented reduction targets suggests a need for further development in their climate strategy. Overall, Canacol Energy's emissions profile highlights the significant impact of Scope 3 emissions, particularly from the use of sold products, which alone contributed approximately 3,695,622,260 kg CO2e in 2023. The company’s commitment to addressing its carbon footprint remains unclear, necessitating a more robust approach to climate action in the future.
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| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | 21,069,000 | 00,000,000 | 00,000,000 | - | 00,000,000 | 00,000,000 | 000,000,000 |
| Scope 2 | - | 00,000 | 00,000 | 00,000 | 00,000 | 00,000 | 00,000 |
| Scope 3 | - | - | - | - | - | - | 0,000,000,000 |
How Carbon Intensive is Canacol Energy's Industry?
How Carbon Intensive is Canacol Energy's Location?
Canacol Energy's Scope 3 Categories Breakdown
Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with "Use of Sold Products" being the largest emissions source at 95% of Scope 3 emissions.
Top Scope 3 Categories
Canacol Energy's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Canacol Energy has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
