(Reuters) — Nutrien Ltd., the world’s largest fertilizer producer by capacity, said it aimed to cut greenhouse gas emissions by at least 30 percent by 2030 in a plan costing the company up to $700 million.
Nutrien plans to spend $500 million to $700 million to meet the carbon emissions target, which includes cutting emissions from nitrogen production by one million tonnes of carbon dioxide equivalent annually by the end of 2023.
“We’re in a really unique spot to address two big societal challenges — food security, and in a way that reduces our environmental footprint,” said Mark Thompson, Nutrien’s chief corporate development and strategy officer, in an interview.
The Saskatoon-based company plans to deploy wind and solar energy at four potash plants by the end of 2025, replacing electricity generated by coal and natural gas.
It also plans to expand its sequestration of carbon emissions from nitrogen fertilizer production and to invest in technology to capture nitrous oxide gas from its facilities.
Nutrien estimates that its carbon credit program could directly amount to $10 to $20 per acre for farmers, and it expects to benefit financially itself as well.