CANONSBURG, Pa., Oct. 13, 2021 /PRNewswire/ -- CONSOL Energy Inc. ("CONSOL," NYSE: CEIX) today advanced its Forward Progress sustainability initiative with the announcement of targets to reduce its direct operating greenhouse gas emissions. The Company has set an interim goal to reduce its direct operating greenhouse gas emissions (referred to as scope 1 and scope 2 emissions) on an absolute basis by 50% over a five year period (or by the end of 2026), compared to 2019 baseline levels and measured as the rate of carbon dioxide equivalents (CO2e) emitted. In addition, the Company announced its long-term efforts to achieve net zero direct operating greenhouse gas emissions by 2040 or sooner if feasible.
"Since becoming an independent company in 2017, we've prioritized ESG and outlined goals to enhance employee safety, reduce environmental impacts, and create sustainable value," said CONSOL Energy President and Chief Executive Officer Jimmy Brock. "We continue to emphasize those ESG aspects of greatest impact to CONSOL, our stakeholders, and the environment. Developing direct operating greenhouse gas emission reduction targets puts our ESG approach into action and reflects our Board of Directors' and management team's dedication to continuous improvement."
CONSOL Energy's interim greenhouse gas emission reduction target is expected to be achieved through multiple initiatives, including energy management and operational efficiency efforts. Primary to achieving this goal is the expansion of the Company's methane destruction program, which has been piloted at the Pennsylvania Mining Complex since 2017. Our pilot program has proven that this endeavor will lead to meaningful direct operating emissions reductions. CONSOL's long-term ambition envisions multiple initiatives across our entire operating footprint, starting with full-scale deployment of methane abatement equipment. The 2040 target is also expected to be informed by the Company's strategic initiatives and partnerships, which aim to develop the technologies needed to achieve global aspirational greenhouse gas emission reduction goals. While the targets announced today are limited to direct operating greenhouse gas emissions, CONSOL continues to invest in research that could positively impact indirect (or scope 3) emissions in the future, if successful. This includes, for example, the Company's U.S. Department of Energy sponsored 21st Century Power Plant project and multiple projects seeking to develop advanced building materials from coal, which support a reduction in indirect emissions.
Dan Connell, CONSOL's Senior Vice President of Strategy, said, "We are excited to be among the first pure play coal companies to set greenhouse gas emission reduction targets. Today's announcement underscores our commitment to sustainability, complements our technology, growth, and diversification initiatives and exemplifies the alignment of CONSOL's strategy and ESG management approach."
The Company firmly believes our world-class asset base will continue to be relied upon for the foreseeable future to meet the world's electricity and infrastructure needs, supporting social objectives and catalyzing economic progress. Having been awarded Bettercoal Supplier status, we believe our commitment to deploy robust ESG operating practices will help ensure that we carry out this role responsibly and sustainably. CONSOL Energy remains intentionally focused on leveraging innovation while maintaining our stated financial priorities to create sustainable value for the Company and its stakeholders.
More information about CONSOL Energy's emissions reduction efforts and environmental, social and governance performance can be found at www.consolenergy.com/sustainability.
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and exporter of high-Btu bituminous thermal coal and metallurgical coal. It owns and operates some of the most productive longwall mining operations in the Northern Appalachian Basin and is developing a new metallurgical coal mine (the Itmann project) in the Central Appalachian Basin. CONSOL's flagship operation is the Pennsylvania Mining Complex, which has the capacity to produce approximately 28.5 million tons of coal per year and is comprised of 3 large-scale underground mines: Bailey, Enlow Fork, and Harvey. The company also owns and operates the CONSOL Marine Terminal, which is located in the port of Baltimore and has a throughput capacity of approximately 15 million tons per year. In addition to the ~658 million reserve tons associated with the Pennsylvania Mining Complex and the ~21 million reserve tons associated with the Itmann project, the company also controls approximately 1.5 billion tons of greenfield thermal and metallurgical coal reserves located in the major coal-producing basins of the eastern United States. Additional information regarding CONSOL Energy may be found at www.consolenergy.com.
