Suncor has released its 2022 Report on Sustainability and 2022 Climate Report.
In its summary, the Oilsands giant said it’s working to achieve exceptional environmental, social, and governance (ESG) performance.
The Calgary-based company hopes to accelerate greenhouse gas reductions to reach net-zero by 2050, while increasing shareholder returns.
“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 President and CEO Mark Little.
Among its initiatives to drive down emissions, Suncor includes replacing coke-fired boilers with highly efficient cogeneration units and increasing partnerships with Indigenous communities on energy assets.
It’s also pursuing carbon capture, an initiative shared by the Pathways Alliance.
“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.”
Little included a message in Suncor’s Sustainability Report detailing its strategic objectives, an environmental performance update, and Syncrude’s ESG performance report.
Suncor integrated Syncrude into its operation at Site in September 2021.
The following is a list of highlights from the Sustainability 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 mega tonnes 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 per cent 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 per cent female representation and over two decades of Indigenous representation
Meanwhile, the Climate Report includes the following:
- 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 its clean hydrogen work and partnerships
Both reports are available in full on the company’s website.