On Friday, oil sands giant Suncor released its annual Report on Sustainability which details the company’s environmental, social and economic performance.
Also available within the report is the company’s third Climate Risk and Resilience Report. The Climate Risk and Resilience Report offers Suncor’s perspective on the challenges and opportunities of climate change as well as the transition to a low-carbon economy.
In the message from Suncor’s President and CEO, Mark Little said “We are living in an era of transformation – as a company, as an industry and as a global community.”
He added “Globally, we are all beginning to transform our energy systems toward a low-carbon economy. Suncor has an important role to play in that transition and believe innovation will be critical to our success. “
To move toward that goal, Little says Suncor will invest in emerging and potentially transformative technologies, support collaborative solutions on major economic and societal changes, including climate change.
CEO Little says the company will also work with and learn from Indigenous partners and others to create opportunities for economic and social reconciliation.
“Our partnership with the Fort McKay and Mikisew Cree First Nations on the East Tank Farm development is an example of this kind of innovation in action,”said Little. “The First Nations acquired a 49 per cent equity position in the facility at a value of $500 million – the largest First Nations business investment to date in Canada.”
The Calgary-based company says it will also strive to “integrate sustainability into Suncor’s decision-making “as we aspire to be a competitive producer for the long term.”
According to a press release, Suncor’s sustainability performance included an investment of approximately $635 million in technology development and deployment, including digital technologies in 2018. As well, the company spent $703 million with 83 Indigenous companies across Canada last year.
At the company’s Fort Hills project, its newest mining facility, Suncor says it has deployed extraction technology that removes carbon from the oil before it is sent to market.
Also, Suncor says that in 2018, approximately 88 per cent of the water used by its mining and extraction operations was recycled tailings water.
The report also includes a discussion with Mark Little about energy challenges and opportunities as well as a question and answer section with Eric Axford, executive vice president and chief sustainability officer on the progress Suncor says it made last year and the priorities ahead the “company’s sustainability journey.”