In addition to driving shareholder returns through its core business, Suncor will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050.
“While Suncor is in the fortunate position of being long on opportunities, we are adjusting our portfolio for fit and focus,” said Mark Little, Suncor president and chief executive officer. “By doing so, we use our strengths, competitive advantages and resources to drive shareholder returns and value over the long term and help us meet our emissions reduction targets.”
Suncor has been a sustainability leader for over twenty years and has played a pivotal role in developing the Canadian renewable power industry. In 2002, Suncor partnered with Enbridge to build one of the first renewable energy projects in Canada and since then, Suncor has developed eight wind power projects in three provinces – Saskatchewan, Alberta and Ontario. Moving forward, Suncor will continue to participate in many aspects of the electricity value chain, including producing power through its integrated co-generation operations, through power marketing and trading, by providing customers with EV charging and potentially procuring renewable power through power purchase agreements.