- The recent UN-sponsored COP27 Conference has highlighted the pressing need for significant climate-focused initiatives
- A UN panel led by Canada’s former environment minister has pushed for an urgent shift away from fossil fuels and towards renewable energy sources
- RNG platform operator, EverGen Infrastructure have been at the forefront of the renewable energy transformation taking place across both, the province of British Columbia and Canada as a whole
- The company has recently stated its goal to expand its production capacity to 20 locations across the country by 2025
The United Nations Framework Convention on Climate Change – better known as COP27 – is taking place in Egypt’s Sharm el-Sheikh amidst one of the most significant climate emergencies ever experienced by man. A growing energy crisis, record greenhouse gas (“GHG”) concentrations, and ever-increasing extreme weather events have significantly augmented the need for a coordinated, proactive global effort to combat global warming. The world has responded to a degree; 1,156 publicly listed companies, regions and cities have made net-zero pledges so far. Whilst promising on paper, several pledges have been a little more than vague commitments or proposals with scarce detail on how they will be implemented or tracked. In response, a United Nations advisory panel, led by Canada’s former environment minister Catherine McKenna, has called upon governments around the world to impose on companies to make serious net-zero emissions targets whilst simultaneously enforcing compliance, in an effort to ensure targets to slash emissions are adhered to (https://ibn.fm/m1xgH).
In addition to the regulatory enforcement of net-zero targets, the UN panel offered recommendations on an array of other measures, including the phasing out of fossil fuels in conjunction with a fully funded shift to renewable energy sources, a change characterized as key towards the achievement of overarching climate goals.
Ms. McKenna elaborated on the recommendation, “They [energy companies] have the means and the scale to be able to do big things on the renewables side, but they’re not even investing in these technologies.”
British-Columbia based natural gas operator, EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF) may be one of the outliers within McKenna’s assessment. The company ranks amongst the leaders in driving the ongoing shift towards renewable energy resources within Canada, having firmly established themselves as one of the leading renewable natural gas (“RNG”) infrastructure platforms within the country. EverGen has done so via an operating model focused around acquiring, developing, owning and operating RNG projects in a bid to supply the North American gas grid with clean energy generated from organic waste.
EverGen Infrastructure’s path to becoming one of Canada’s largest RNG platforms, owes its origins to the province of British Columbia’s decision in March 2017 to amend the Greenhouse Gas Reduction Regulation. The amendment, which sought to increase the production and use of renewable gas as well as green and waste hydrogen in British Columbia to simultaneously generate jobs and economic opportunities while reducing GHG emissions, has played a significant role in driving the sector’s growth prospects in recent years. FortisBC has since further reinforced the government ordinance, with the British Columbia-based utility recently revealing that it expects to more than triple its current RNG supply in the coming years. The utility has publicized their vision to have upwards of 75 percent of its total gas supply to be renewable or low carbon by 2050; in the interim, they expect to have 16 million gigajoules of RNG in its system, with contracts in place to procure a further 8 million gigajoules by 2025. Cumulatively, the utility’s RNG supply within the next three years will provide enough energy to meet the natural gas needs of approximately 267,000 homes within BC (https://ibn.fm/zaFDn).
EverGen Infrastructure have looked to cater to the ever-increasing RNG demand from FortisBC and other utilities across the nation through the company’s publicly stated goal to own over 20 facilities dotted round the country within five years. Most recently this October, the company announced that the expansion plans for its recently acquired GrowTEC business were nearing completion, with the works adding a further 60,000 gigajoules of RNG to their existing production capacity, taking total production capacity within the operation to 140,000 gigajoules per annum (https://ibn.fm/okc6o). The project will further bolster to EverGen’s existing production capacity, with the latter currently standing at over 230 gigajoules per day of renewable natural gas – the equivalent of powering 100 British Columbia homes for a month.
For more information, visit the company’s website at www.EverGenInfra.com.
NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://ibn.fm/EVGIF
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