Suncor affirms emissions reduction and stewardship aims in 2021 Sustainability and Climate Reports
Continuing more than 25 years of sustainability reporting, Suncor has released its 2021 Report on Sustainability and its Climate Report. The reports share the company's 2020 environmental, social and governance (ESG) performance and highlight key points of progress in early 2021.
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 Mark Little, President and Chief Executive Officer. "Achieving our shared economic, climate and social goals demands that we work together with communities, businesses, governments and organizations. Our projects and initiatives reflect this approach."
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, and Alister 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