Suncor Energy Releases 2022 Report on Sustainability and Climate Report

Source Press Release
Company Suncor Energy Inc. 
Tags Oil Sands, Environment, ESG/CSR
Date June 22, 2022

Suncor (TSX: SU) (NYSE: SU) released its 2022 Report on Sustainability and Climate Report today. The reports highlight how Suncor is working to achieve exceptional environmental, social and governance (ESG) performance, and share Suncor's actions on sustainable energy development, emphasizing the progress made to accelerate GHG reductions to reach net-zero by 2050 while increasing shareholder returns.

Guided by its purpose of providing trusted energy that enhances people's lives, while caring for each other and the Earth, Suncor is optimizing its base business while strengthening ESG performance with a particular focus on driving down emissions. This includes replacing coke-fired boilers with highly efficient cogeneration units, pursuing carbon capture opportunities, expanding its use of hydrogen and increasing partnerships with Indigenous communities on energy assets. In addition to these and other initiatives, Suncor is enhancing its leadership, technology infrastructure and processes and systems to strengthen its safety, reliability and cost performance.

"In the face of global energy uncertainty and the climate challenge, Suncor's strategy to deliver trusted energy while reducing emissions is aligned to meet the needs of today while contributing to the energy transition," said Mark Little, President and Chief Executive Officer. "Our investments, initiatives and actions reflect our commitment to making the right choices for the environment we all share, the social well-being of our communities and maintaining a strong governance structure."

Highlights of the Report on Sustainability include:

  • A message from Mark Little, President and Chief Executive Officer, outlining key strategic objectives and actions-including partnerships to develop next generation renewable fuel technologies, an oil sands environmental performance update, efforts to enhance operational excellence and the addition of Syncrude's ESG performance to this report
  • A Q&A with Arlene Strom, Chief Sustainability Officer and General Counsel, on her return to a sustainability leadership role, top priorities and the importance of listening to and working with Indigenous communities and companies
  • Progress on Suncor's objective to be net-zero by 2050, including expectations to reduce GHG emissions by 10 megatonnes per year across its energy value chain, and updates on advancements made by the multi-company Oil Sands Pathways to Net Zero Alliance
  • Support for communities including $36 million in contributions to non-profit organizations and nearly 80,000 hours volunteered by Suncor employees
  • Suncor's Journey of Reconciliation including deepening its understanding of Indigenous Peoples, partnering with businesses and communities in new ways like Astisiy, strengthening Indigenous workforce and inclusion, and supporting Indigenous youth
  • The company's commitment to treating and reducing tailings, with more than 90% water recycle rates at Base Plant, Fort Hills and in situ operations, and the importance of mine water release to support reclamation activities
  • Review of people-focused efforts from safety to mental health, inclusion and diversity, and community investment
  • Overview of Suncor's sound corporate governance, including a diverse and experienced board with 36% female representation and over two decades of Indigenous representation

Highlights from the Climate Report include:

  • A joint message from Mark Little, President and Chief Executive Officer, and Martha Hall Findlay, Chief Climate Officer, discussing current geopolitical impacts on energy, progress on Suncor's climate objectives, the unprecedented Oil Sands Pathways to Net Zero Alliance, and the need for continued collaboration to ensure secure and sustainable energy supplies
  • A clear overview of Suncor's climate strategy focused on reducing base business emissions, expanding low emissions businesses and helping others reduce their emissions
  • An overview of Suncor's GHG emission sources and data
  • More details on Suncor's Oil Sands Pathways to Net Zero collaborations
  • An expansion of our clean hydrogen work and partnerships

The Report on Sustainability and the Climate Report are available as downloadable PDFs:

  • Download the 2022 Report on Sustainability
  • Download the 2022 Climate Report

For an overview of Suncor's sustainability efforts and to read the reports, visit https://www.suncor.com/en-ca/sustainability.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd