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Submitted by: Suncor Energy Inc.
Posted: Sep 08, 2007 – 11:11 AM EST
CALGARY, ALBERTA - September 8, 2007 - Suncor Energy Inc. today released its 2007 Progress Report on Climate Change. This year's report focuses on Suncor's efforts over the past decade to manage greenhouse gas emissions as guided by the company's seven-point climate change action plan.
In addition to documenting Suncor's emissions record in 2006, this year's report examines the climate change challenges being faced by the company and its stakeholders, as well as opportunities and strategies for positive action. The report also describes Suncor's efforts to develop new technologies to improve environmental performance and provides Suncor's answers to 10 questions about the climate change challenge.
"This year marks the 10th anniversary of our climate action plan," said Rick George, Suncor's president and chief executive officer. "So it seemed like an appropriate time to take stock of what we've achieved - and where we must go from here."
Suncor achievements highlighted in the report include a 26% company-wide reduction in greenhouse gas emission intensity (emissions per barrel of oil) from the baseline year of 1990. At our oil sands operation, emission intensity has been reduced by 51% since 1990. The company also invested approximately $250 million in renewable energy initiatives and was a founding member of the Integrated CO2 Network (ICO2N), a proposed large-scale application of carbon capture and storage technology in Alberta.
As the report documents, challenges still lie ahead for a growth company such as Suncor. Although Suncor's greenhouse emission intensity has declined, increased production levels to meet growing energy demands mean absolute emissions continue to rise.
"Climate change is a challenge requiring determined and collective action," George said. "But with a positive vision of what's achievable, I'm confident we can make continued progress."
Suncor has voluntarily reported its greenhouse gas emissions and activities through annual climate change reports since 1995. To view the full 2007 report online, visit: www.suncor.com/climatechange.
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout Western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66® brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the 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 Philadelphia.
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