Canfor and Canfor Pulp Jointly Release 2022 Sustainability Report

Canfor Corporation (TSX:CFP) and Canfor Pulp Products Inc. (TSX:CFX) jointly announce the release of the 2022 Sustainability Report, which outlines performance on topics such as climate change, sustainable forestry and energy management, and social issues such as inclusion and diversity, and Indigenous relations.

“Climate change is one of the most pressing issues we are facing today, and sustainable forest management and low carbon forest products can play a key role in addressing our changing climate,” says Don Kayne, President and CEO, Canfor. “Sustainability is at the very core of what we do, and our 2022 Sustainability Report outlines the progress we are making on embedding it throughout our company under our three pillars of people, planet and products.”

We continue to invest in a wide range of sustainability initiatives, with particular emphasis on greenhouse gas (GHG) emissions reductions. We have a target to reduce scope 1 and 2 GHG emissions by 42% by 2030 compared to a 2020 baseline year and have committed to investing at least $250 million in decarbonization projects through initiatives including fuel switching, energy efficiency and electrification opportunities. New for this year is a target to distribute $2 million annually to support community programs and initiatives through our Good Things Come From Trees community giving program, performance against targets for water management and air quality for Canfor Pulp, as well as performance against targets for waste management for our Canadian wood products’ operations.

For the first time, we obtained limited assurance from an independent third party on our scope 1 and 2 GHG emissions inventory for the 2020 baseline and 2022 performance year. “Undergoing external validation of our GHG emissions each year will give us a solid understanding of where we are today and the comprehensive decarbonization plan required to achieve our goals. This is an important step in our sustainability journey,” says Pat Elliott, CFO, Canfor and Canfor Pulp, and Senior Vice President, Sustainability.

The 2022 Sustainability Report also includes select information on ESG topics for the Vida Group, the Sweden-based wood products manufacturing company of which Canfor has a 70% ownership position. As Vida’s sustainability strategy progresses, we will work to align reporting processes with any new sustainability reporting regulations, both in North America and in Europe.

The full report including performance details from 13 material topics, along with separate Sustainability Highlights and Performance at a Glance documents, are available for download at sustainability.canfor.com.

About Canfor Corporation

Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi, Arkansas and Louisiana, as well as in Sweden with its majority acquisition of the Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in CPPI, which is one of the largest global producers of market Northern Bleached Softwood Kraft Pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

About Canfor Pulp Products Inc.

Canfor Pulp Products Inc. (“Canfor Pulp” or “CPPI”) is a leading global supplier of pulp and paper products with operations in the central interior of British Columbia (“BC”). Canfor Pulp owns and operates three mills in Prince George, BC with a total capacity of 780,000 tonnes of Premium Reinforcing Northern Bleached Softwood Kraft (“NBSK”) Pulp and 140,000 tonnes of kraft paper. CPPI shares are traded on the Toronto Stock Exchange under the symbol CFX. For more information visit canfor.com.

Contact:

Michelle Ward – VP, Corporate Communications – communications@canfor.com – (604) 661-5225

Source: Canfor Corporation and Canfor Pulp Products Inc.