Suncor sees possibilities, outlines environmental goals in Sustainability Report
Calgary, Alberta (June 18, 2009) — Suncor Energy Inc. today announced the release of its web-based 2009 Report on Sustainability — a comprehensive review of the company's environmental, social and economic performance for the past two years.
The seventh biennial report, entitled 'Seeing the Possibilities in a Changing World,' profiles Suncor's progress on a wide range of sustainability objectives. For the first time, the report outlines performance goals aimed at reducing the company's environmental footprint.
"The theme of our report is timely," says Rick George, president and chief executive officer. "Suncor has always been about seeing possibilities when others saw only problems and obstacles. Through our focus on operational excellence, we're targeting improvements in every aspect of our business. And, with the goals outlined in the report, we're working hard to produce energy required to fuel our economy in a way that is socially beneficial and preserves a healthy environment."
Suncor has set the following company-wide environmental performance goals in relation to its existing assets:
- Reduce water intake by 12 percent by 2015
- Increase land area reclaimed by 100 percent by 2015
- Improve energy efficiency by 10 percent by 2015
- Reduce current air emissions by 10 percent by 2015
All of the proposed reductions are absolute, except for energy efficiency, which is intensity based (energy used per unit of production). While the goals will require significant financial and human resources, Suncor plans to achieve them even while targeting production growth.
The Report on Sustainability also serves as Suncor's 15thannual Climate Change report, documenting the company's progress in managing greenhouse gas emissions using its seven-point climate change action plan. The action plan includes developing renewable energy sources and participating in public policy discussions. As part of its sustainability commitment, the company plans to align its current greenhouse gas (GHG) strategy to address emerging climate change policies by 2010.
Suncor's Report on Sustainability also provides historical performance trends in a number of key areas. Performance highlights include:
- A 22 percent reduction in absolute water use over the past six years.
- Reclamation of more than 1,000 hectares of land.
- A reduction in GHG emissions intensity at its oil sands plant by 45 percent compared to 1990 levels.
- A reduction in the frequency of Suncor employee and contractor lost-time injuries by two thirds and a 50 percent reduction in the frequency of recordable injuries.
- Investment of $24.9 million in 2007 and 2008 by Suncor and the Suncor Energy Foundation in hundreds of charitable organizations and non-profit groups.
- Over $13 billion in capital spending in 2007 and 2008. Suncor's supply chain spending reached all ten provinces and the Northwest Territories.
- Achieving a $1 billion spending milestone in Aboriginal goods and services, including $367 million in 2007 and 2008.
- $2.6 billion in royalty payments to the Alberta government. An additional $2 billion was paid in property and excise taxes to all three levels of government.
Suncor compiled the 2009 Report on Sustainability in accordance with the Global Reporting Initiative G3 Guidelines — an internationally recognized standard in sustainability reporting. As in previous years, an independent third party verified a number of performance indicators. Suncor also enlisted the guidance of Ceres, a network of investors, labour, environmental, and other public interest groups in developing the report.
The web-based report, which incorporates text articles, photos, data tables, charts, graphs, and videos of Suncor leaders and stakeholders, as well as a summary pdf document, is now available at www.suncor.com/sustainability or by calling 1-800-558-9071. Readers are encouraged to submit feedback on the report by visiting the website or emailing email@example.com. A printed magazine-style summary of the Report on Sustainability will be mailed to stakeholders in late June.
This news release contains forward-looking statements identified by the words "expects", "anticipate", "will" and similar expressions that address expectations or projections about the future. The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by Suncor, including the receipt, in a timely manner, of regulatory and third party approvals in respect of the proposed merger. Although Suncor believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Suncor can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Suncor or the merged company are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (http://www.sedar.com/), the SEC's website (http://www.sec.gov/) or at Suncor's website (http://www.suncor.com/).
Suncor Energy Inc. is an integrated energy company headquartered in Calgary,
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Shell® and Phillips 66® brand and marks in the state of Colorado. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of
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For more information about Suncor Energy Inc. please visit our web site at www.suncor.com.
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