All financial figures are in Canadian dollars
Earlier this year, the company shared its updated strategy which focuses on increasing shareholder returns while accelerating its greenhouse gas (GHG) emissions reduction targets, growing its business in low GHG fuels, electricity, and hydrogen, sustaining and optimizing its base business and transforming its GHG footprint to be a net-zero company by 2050 – all enabled by Suncor’s expertise, long-life resources, integrated business model, strong connection to customers, and world-class ESG performance.
“Building on the solid foundation we’ve established over decades is core to our strategy as we help shape a profitable and sustainable energy future,” said
Both the Report on Sustainability and Climate Report describe Suncor’s current and ongoing work and provide insights into future steps that will support the company in achieving its goals.
Highlights of the Report on Sustainability include:
- A message from
Mark Little , President and Chief Executive Officer, detailing the company’s evolving strategy and progress in environmental stewardship, community relationships and caring for Suncor’s workforce - A Q&A with Chief Sustainability Officer
Martha Hall Findlay on Suncor’s approach to emissions reductions and achieving world-class ESG performance - Examples of how the company is leveraging technology to reduce environmental impact, with almost 50% of the $535 million investment in technology development, deployment and digitalization directed towards emissions-related technology
- Ways Suncor is working with Indigenous communities, listening to their feedback and strengthening relationships, represented by the company’s Journey of Reconciliation and
$911 million (over 10% of supply chain spend) spent with Indigenous suppliers - Key progress in water stewardship and tailings management with recycled water accounting for 92% to 99% of water use at mining and in situ operations
- Investments in communities, including
$36 million in contributions to non-profit organizations and the creation of the Petro-Canada CareMakers Foundation™ to provide support to the one in four Canadians who are family caregivers - Profiles of the diverse and experienced board as the foundation for sound governance, with 36 per cent female representation and over two decades of Indigenous representation
- Review of people-focused efforts, from safety to mental health, inclusion and diversity, and community investment
Highlights from the Climate Report include:
- A joint message from
Mark Little , President and Chief Executive Officer, andAlister Cowan , Chief Financial Officer, discussing Suncor’s response to the climate challenge, and projects and initiatives on the path to net-zero, including carbon capture, utilization and storage (CCUS) and the Oil Sands Pathways to Net Zero alliance - A summary of low GHG and renewable energy outputs including 7.66 million megawatt-hours (MWh) of electricity from low-carbon cogeneration, 96,925 MWh of wind energy generated and 1,438 million litres of renewable fuels blended
- Reporting on total absolute scope 1 and 2 emissions, and expanding disclosure on scope 3 emissions and equity-based GHG emissions
- A description of how Suncor helped customers achieve a reduction of 3.5 megatonnes in emissions in 2020 by providing low-carbon power, renewable fuels and electric charging stations
- Insights into scenario planning, including a 2-degree scenario
The Report on Sustainability and the Climate Report are both available as downloadable PDFs:
- Download the 2021 Report on Sustainability
- Download the 2021 Climate Report
For an overview of Suncor’s sustainability efforts and to read the reports, visit sustainability.suncor.com.
Suncor has been named to various Dow Jones Sustainability Index (DJSI) categories and to the
Legal Advisory – Forward-Looking Information
This news release, as well as Suncor’s 2021 Report on Sustainability and 2021 Climate Report to which links are provided in this news release, contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and
Forward-looking statements in this news release include references to: the expectation that Suncor will continue to increase shareholder returns while accelerating our GHG emissions reduction targets, growing our business in low greenhouse gas (GHG) fuels, electricity, and hydrogen, sustaining and optimizing our base business and transforming our GHG footprint to be a net-zero company by 2050; the belief that these goals are all enabled by Suncor’s expertise, long-life resources, integrated business model, strong connection to customers, and world-class ESG performance; the belief that Suncor will help shape a profitable and sustainable energy future; the expectation that Suncor work together with communities, businesses, governments and organizations to achieve our shared economic, climate and social goals; and the belief that Suncor’s current and ongoing work, as well as insights into future steps, will support the company in achieving its goals.
Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.
Suncor’s Management’s Discussion and Analysis for the first quarter of 2021 dated
For more information about Suncor, visit our web site at suncor.com and follow us on Twitter @Suncor.
Media inquiries:
403-296-4000
media@suncor.com
Investor inquiries:
800-558-9071
invest@suncor.com
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a463938c-e717-4c35-95e7-4c26de98f164
Source:
2021 GlobeNewswire, Inc., source