Canadian integrated energy company Suncor has updated its strategy, focusing on accelerating its reduction of greenhouse gases with an aim to reach net-zero emissions by 2050.
Ipieca member Suncor, which has developed from an oil sands pioneer to become a globally competitive energy company with a balanced portfolio of assets, will invest in growing its low-carbon businesses and reducing emissions as part of its net-zero strategy.
By 2030, Suncor expects to reduce greenhouse gas emissions by 10 megatonnes per year across its value chain, while at the same time expanding its renewable fuels, electricity and hydrogen businesses.
Suncor is also committed to helping its customers contribute to a net-zero world by providing them with cleaner energy choices such as renewable fuels and the Petro-Canada™ Electric Highway, Canada's first coast to coast electric vehicle fast charge network.
'For decades, Suncor has been evolving and growing its business - transforming a budding oil sands resource into one of the world's most reliable and ESG-leading oil basins in the world,' said Mark Little, Suncor President and Chief Executive Officer. 'We will continue to produce oil sands for many decades to come, driving significant shareholder returns and value, and delivering further emissions reductions on our journey to net-zero by 2050.'
More details on Suncor's new strategy can be found here.