February 22, 2020

CSRWire.com The Corporate Social Responsibility Newswire

news by category

CSR News

Suncor Commits $100 Million to Alternative and Renewable Energy

Submitted by: Suncor Energy Inc.

Categories: Environment

Posted: Jan 26, 2000 – 11:00 PM EST


“A big step on our way to becoming a sustainable energy company.”

Jan. 26 /CSRwire/ - (All financial figures are in Canadian dollars unless otherwise noted)

Suncor Energy Inc. announced today plans to invest $100 million in alternative and renewable energy projects over the next five years.

The money is likely to be spent on research and development projects and commercial ventures which could include investments in producing fuel from biomass, conversion of municipal solid waste to energy, recovering methane from landfills and capture and sequestration of carbon dioxide. The company also plans to examine potential opportunities in solar and wind power.

“Our growth plans call for us to develop hydrocarbon resources responsibly to meet current needs and to take action now to help shape the future of the energy industry,” says Rick George, Suncor’s president and chief executive officer. “This is part of our plan to become a sustainable energy company.”

George says the challenge is to invest in the right opportunities and that the pace of advancement in alternative and renewable energy will be driven by technology improvements and consumer demand. “New technologies and economies of scale must emerge if these new sources of energy are to become more viable and more affordable for consumers,” he says. “This transition will take time and perseverance, but we demonstrated a pioneering vision when we first developed Alberta’s oil sands, and we intend to bring the same spirit to this new frontier.”

To turn this new vision into reality, George announced the appointment of Gerry Manwell to the position of vice president, alternative energy business development. “Gerry has been one of the key architects of our oil sands growth strategy, and I’m confident he’ll apply the same enthusiasm and innovation to this new role.”

George says Suncor’s challenge is to create a viable business enterprise that delivers acceptable economic returns as well as environmental benefits. “Alternative and renewable energy sources have the promise of reducing impacts on the air, land and water – as well as the potential to build value for Suncor’s shareholders over the long term.”

Projects resulting from such investments could also help Suncor to meet its voluntary commitment to reduce greenhouse gas concentrations in the atmosphere. The company’s current goal is to stabilize its net emissions to 1990 levels as it moves forward with its oil sands growth plans.

“This commitment to invest in alternative and renewable energy fits into our overall action plan to address the risk of global climate change,” says George. The company’s climate change action plan includes managing its own emissions as well as seeking ways to offset those emissions. Actions taken by Suncor to date include a pioneering emission trade with Niagara Mohawk Power Corporation, funding the generation of wind power in Alberta, a major reforestation pilot project in Australia, a forest conservation project in Belize, and supporting climate change education and training programs.

Today Suncor also announced a further expansion of its oil sands operation that will use Steam Assisted Gravity Drainage (SAGD) technology to recover bitumen from deposits near Fort McMurray that are too deep to mine from the surface. The expansion is subject to stakeholder review, regulatory approval and final support of Suncor’s Board of Directors.

Suncor Energy is a Canada-based international integrated energy company operating an oil sands plant in Fort McMurray, Alberta; a conventional exploration and production business in Western Canada; a refining and marketing operation in Ontario; and an oil shale development project in Queensland, Australia. Suncor Energy common shares and preferred securities are listed for trading on the Toronto and New York stock exchanges (symbol SU).

Note: This news release contains forward-looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in Suncor Energy's annual report to shareholders and other documents filed with regulatory authorities.

For more information, please contact:

Ron Shewchuk Media Enquiries
Phone: 403 269 8655
John Rogers Investor Enquiries
Phone: 403 269 8670


Issuers of news releases and not csrwire are solely responsible for the accuracy of the content