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 3.98 billion kg CO2e. This figure includes Scope 1 emissions of about 111.2 million kg CO2e, Scope 2 emissions of approximately 28.6 thousand kg CO2e, and Scope 3 emissions amounting to around 3.87 billion kg CO2e. The Scope 3 emissions are primarily driven by the use of sold products, which accounted for approximately 3.70 billion kg CO2e. In 2022, the company recorded total emissions of approximately 66.6 million kg CO2e, with Scope 1 emissions at about 66.6 million kg CO2e and Scope 2 emissions at approximately 22.6 thousand kg CO2e. Notably, there is no reported data for Scope 3 emissions for that year. Canacol Energy has not set specific reduction targets or initiatives as part of its climate commitments, as indicated by the absence of documented reduction targets or SBTi (Science Based Targets initiative) commitments. The company operates as a current subsidiary of Canacol Energy Ltd, which may influence its emissions reporting and climate strategies. Overall, Canacol Energy's emissions profile highlights significant Scope 3 emissions, particularly from the use of sold products, underscoring the importance of addressing these emissions in future climate strategies.
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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?
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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.
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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.
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