Canadian-based HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) announced they have reached carbon neutrality, offsetting 100% of their 2020 operational emissions, plus the emissions of their 1,200 employees.
To achieve their carbon-neutrality goal, HEXO partnered with Offsetters. This Vancouver-based organization supports renewable energy and forest carbon projects across the globe.
“At the start of the summer, we pledged that HEXO would not only become carbon neutral, but that we would also offset the personal carbon emissions generated by every one of our employees. Today we are proud to say we have achieved our goal, setting a new standard in sustainability for our industry,” said HEXO Corp. CEO and Co-founder, Sébastien St-Louis. “Consumers and investors demand greater environmental and social integrity from companies. We are proud to share our commitment to sustainability and support our consumers’ ability to purchase products that align with their values.”
HEXO is a leading cannabis producer in Canada and one of the top three in the world. They wanted to focus on offset projects that would support environmental initiatives taking place in Canada and globally.
In Canada, HEXO is supporting the Create Bear Forest Carbon Project. This is the first carbon project in North America on traditional territory, with unextinguished Aboriginal rights and titles. Globally, HEXO is supporting a large-scale solar energy project in Asia and a forest conservation project in South Africa.
In addition to offsetting carbon emissions, HEXO has partnered with Dymapak and Plastic Bank® to offset 63,000 kilograms of plastic. They are also working towards collecting 8,000 kg of ocean-bound plastic, preventing 3.55 million plastic bottles from entering the world’s oceans.
HEXO set this goal for themselves in June and achieved it by September through carbon offsets. They have offset a total of 25,965 tons of carbon. If other companies across Canada and the world followed suit, it is safe to say many more can achieve carbon neutrality.
The carbon market is expected to reach $22T by 2050. Success stories such as HEXO will only increase interest and growth. And, after seeing these results, there is no doubt that offsetting carbon is, and will continue to be, integral in the fight against climate change.
