Issued by Suncor Energy Inc.
Suncor provides a comprehensive disclosure of its ESG performance with the release of its 2022 Report on Sustainability and Climate Report.
Suncor’s 2022 Report on Sustainability and Climate Report are now available here, continuing our long tradition of openly reporting our environmental performance.
“In the face of global uncertainty and the climate challenge, Suncor’s strategy to deliver trusted energy while reducing emissions is aligned to meet the needs of today while contributing to the energy transition,” said Mark Little, President and Chief Executive Officer. “Our investments, initiatives and actions reflect our commitment to making the right choices for the environment we all share, the social well-being of our communities and maintaining a strong governance structure.”
We know these reports are more than just numbers on a page. Our operations affect the communities where we live and work. That’s why it’s important we provide a comprehensive disclosure of our environmental, social and governance (ESG) performance. This shows where we have made progress as well as where we need to improve. Our purpose remains to provide trusted energy that enhances people’s lives, while caring for each other and the Earth.
Improving environmental performance
We operate our business in a manner that aims to minimize our impact on air, water, land, biodiversity and climate. We achieved a water recycle rate above 90% at our Base Plant, Fort Hills and in situ operations in 2021.
Investing in communities and people
We continue to focus on building and maintaining relationships in communities where we operate and with Indigenous Peoples. Suncor employees volunteered more than 79,000 hours of their time in their local communities.
A significant milestone in 2021 was announcing the Astisiy partnership with eight Indigenous communities in the Regional Municipality of Wood Buffalo in 2021. This history-making collaboration purchased a 15% equity stake in the Northern Courier Pipeline worth $1.3 billion.
Sound governance and committed leadership create a strong foundation for sustainable energy development. This starts with our diverse and experienced board, including Indigenous representation since 2020 and 36% female directors. Starting in 2022, a component of executive compensation will be determined by progress toward reaching our climate initiatives.
A pathway to net zero
We are optimizing our base business while reducing costs and emissions and investing in energy expansion projects to address climate change and provide low-emission sources of energy. We plan to allocate approximately 10% of our annual capital budget (2022-2025) on investments that advance our low-carbon energy offerings.
Suncor became the operator of Syncrude in 2021, a critical step in our journey towards greater efficiencies and competitiveness across all our oil sands assets. Syncrude also has a long history of impressive ESG efforts. Sustainability data from Syncrude is included in this year’s report for the first time. Building on Syncrude and Suncor’s combined legacy, while advancing our priorities, reminds us sustainability is always a work in progress. We look forward to a bright future together as Canada’s leading integrated energy company.
There are many more highlights and interesting stories about what and how we do things at Suncor in this year’s reports.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the company's Petro-Canada retail and wholesale distribution networks (including Canada's Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor is also listed on the UN Global Compact 100 stock index. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.