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Subjects: CORPORATE OFFICERS, Environmental, Social, and Governance Criteria

Drax applauds the government of Canada's commitment to biomass technologies as highlighted in the Fall Economic Statement

VANCOUVER, British Columbia, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Drax commends the Government of Canada on the inclusion of biomass-using technologies in the Clean Technology and Clean Electricity Investment Tax Credits from the Fall Economic Statement (FES) released this week.

Biomass is a key component of the clean energy sector with the potential to reduce reliance on diesel fuel in rural and remote communities. It is a proven dispatchable, renewable fuel source in the fight against climate change, further supporting thousands of Canadian jobs and contributing millions to local economies and an important player in a broad spectrum of technologies needed to achieve net zero.

"We are encouraged by the Canadian government's commitment to clean energy and the recognition of biomass-used technologies as a crucial component in achieving a cleaner future," said Will Gardiner, CEO of Drax. "Leading climate bodies and scientists agree that biomass has an important role to play in climate mitigation ? as a sustainable feedstock, as a renewable energy resource, and as a carbon removals technology through Bioenergy with Carbon Capture and Storage (BECCS)."

Sustainably sourced biomass is renewable and provides reliable, flexible generation that enables technologies such as wind and solar, to connect to the grid. Sustainable biomass also supports a vital carbon-negative emissions technology (BECCS) which will be needed around the world to meet climate commitments.

"Working on both sides of the Atlantic, Drax is focused on enabling a zero-carbon, lower-cost energy future," said Gardiner. "Drax's ambition is to be the world's leading provider of carbon removals through BECCS."

BECCS is vital to energy security. Drax's ambition through BECCS is building large-scale carbon removal facilities, creating thousands of jobs in new clean energy technology and generating dispatchable, renewable power using sustainably sourced biomass for homes and industries ? while supporting the growth of the forestry sector and other intermittent energy sources. 

With the right policy framework, and further announcements such as the one in the FES, Drax believes that Canada could be an ideal location to deploy BECCS, given its access to one of the world's greatest fibre baskets, well-established sustainable forestry sector, and suitable geology for CO2 storage.

"Supporting BECCS deployment in Canada would kick start a whole new sector of the economy, creating green growth on an even greater scale, creating additional jobs, and investing in rural economies unlike what we have previously seen," said Gardiner.

In Canada, Drax has invested over $830 million in the Canadian forestry sector, supporting more than 10,000 jobs and contributing $1.1 billion to the nation's GDP in 2021.

Drax looks forward to working closely with the Canadian government to advance the biomass industry further and create opportunities for forest workers, including through meaningful partnerships with First Nations communities and businesses.

Contact Information:
Caroline Bleay 
Communications Manager, Canada? 
[email protected] 

About Drax?? 
Drax Group's purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) technology.??Drax's around 3,000 employees operate across three principal areas of activity ? electricity generation, electricity sales to business customers and compressed wood pellet production and supply to third parties. For more information, visit http://www.drax.com/ca?

Pellet production and supply 
The Group has 18 operational pellet plants and developments with nameplate production capacity of around five million tons a year.?Drax is targeting eight million tons of production capacity by 2030, which will require the development of over three million tons of new biomass pellet production capacity. The pellets are produced using materials sourced from sustainably managed working forests and are supplied to third party customers in Europe and Asia for the generation of renewable power.?? 
Drax's pellet plants supply biomass used at its own power station in North Yorkshire, England to generate flexible, renewable power for the UK's homes and businesses, and also to customers in Europe and Asia.?

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