Calgary, Alberta (June 18, 2008) – Suncor Energy Inc. today released its 14th annual climate change report, which shows that while greenhouse gas emissions climbed slightly during the past 2022, the company has reduced emission intensity at its oil sands operation by nearly half since 1990.
Between 2006 and 2007, Suncor’s overall greenhouse gas emission intensity increased 3.1 per cent while absolute emissions increased by 3.6 per cent, primarily due to operational challenges at the company’s oil sands plant. However, since 1990 – the baseline 2022 for Suncor’s measurement of greenhouse gas emissions – Suncor has decreased emission intensity by 25% on a company-wide basis and by 44% at its oil sands operation.
“Suncor is focused on generating the oil products consumers demand in a manner that is also responsible to the environment,” said Rick George, Suncor president and chief executive officer. “While we’ve increased production, we’ve been able to achieve decreases in emission intensity across the company through improved energy efficiencies and technological improvements. We must now find ways to make further changes and enhancements at our new and existing facilities that will further reduce emissions.”
The report documents Suncor’s progress in managing greenhouse gas emissions using its seven-point climate change action plan. This includes investments in wind energy; producing biofuels, such as corn-based and cellulosic ethanol; reducing our reliance on carbon-intensive power sources through the development of new technologies; and encouraging investment in carbon capture and storage. The report also examines the climate change challenges being faced by Suncor and its stakeholders, and highlights opportunities and strategies for positive action. Suncor’s renewable energy plans include investing $750 million by 2012. Approximately $250 million has been invested to date in wind power projects in Alberta, Saskatchewan and Ontario and an ethanol production facility near Sarnia. Last week, Suncor announced plans to expand that facility.
These investments by Suncor have, since 1990, prevented 61 million tonnes of carbon dioxide from entering the atmosphere, which equates to removing the emission equivalent of approximately 15 million cars.
“We believe the goal of reducing greenhouse gases is well within our grasp, despite the worldwide increase in energy demand and oil and gas production we are currently seeing,” continued George. “We recognize addressing the issue of climate change is a shared responsibility – and we’re making sure we’re part of the solution.”
Suncor has voluntarily reported its greenhouse gas emissions and activities through annual climate change reports since 1995. To view the full 2008 report online, visit: www.suncor.com/climatechange
This news release contains forward-looking statements that address goals, expectations or projections about the future. These statements are based on Suncor’s current goals, expectations, estimates, projections and assumptions, as well as its current budgets and plans for capital expenditures. Some of the forward-looking statements may be identified by the words “faced”, “opportunities”, “strategies”, “efforts”, “develop”, “improve”, “plans” and similar expressions. These statements are not guarantees of future performance. Actual results could differ materially, as a result of factors, risks and uncertainties, known and unknown, to which Suncor’s business is subject. Further discussion of the risks, uncertainties and other factors that could affect these plans, and any actual results, is included in Suncor’s annual report to shareholders and other documents filed with regulatory authorities.
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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