Climate change is a complex challenge that requires all of us to transform our relationship with energy. With that complexity comes risk, but also an immense opportunity for those companies willing to embrace it and lead in the energy transition. With oil and gas remaining a significant part of the global energy mix, Suncor and our industry play a key role in contributing to and leading efforts to decarbonize the energy system.
As an energy company with a strategy that keeps us resilient for the long term, we are charting a path to a net-zero world by reducing emissions in our base business, while expanding in complementary low-emissions businesses and working with our customers, governments and partners to realize our shared climate objectives.
One of our strategic objectives is to be a net-zero greenhouse gas emissions (GHG) company by 2050. We have also set a goal to achieve 10 megatonnes (Mt) of annual emission reductions by 2030 across our value chain. To get there we’re:
- reducing GHG emissions through base business improvements through our investments in cogeneration and carbon capture technology
- expanding low-emissions businesses in renewable fuels, electricity and hydrogen
- working with others to reduce emissions.
Reduce GHG emissions in our base business
For more than 50 years, the oil sands have been at the core of our business. Over the past decade, we’ve invested significantly in projects and technologies to lower our base business GHG emissions.
About half of oil sands emissions come from just 16 sources, providing significant advantages in the efficiency of reducing emissions with carbon capture use and storage, fuel switching and energy efficiency measures.Learn more about how we are reducing our base business emissions
Expanding low emissions businesses
We’re already well-positioned for energy system expansion with deep knowledge growing and operating complementary businesses like low-carbon power and ethanol. This is a natural evolution of our company as we build on our current areas of expertise and our integrated business model. Our plans include:
- increasing our renewable fuels production capacity
- increasing our low-carbon electricity capacity to market, including expanding Canada’s Electric Highway™
- becoming a producer of new forms of hydrogen.
Working with others
The low-carbon energy expansion requires technological advancement and significant collaboration. We are founding and/or long-standing partners in several organizations, working collectively to advance knowledge-sharing and innovation in our industry and across society.