While we are confident in our ability to achieve our previous GHG goal of a 30% reduction in emissions intensity by 2030 (based on a 2014 baseline), Suncor’s new target is designed to drive actions that result in even more significant emission reductions.
Through our investments in low-carbon power, low emissions renewable fuels and electric charging stations we have already helped our customers reduce their emissions by 3.5 Mt in 2020 and our new target, which does not include this previous reduction, commits us to going even further. We have established principles that guide the implementation of the target. The 10 Mt target should:
- encourage new, lower-intensity production as part of our evaluation of new projects.
- drive real emission reductions in the energy system both within and external to Suncor’s operations.
We anticipate achieving approximately half of our 10 Mt target by reducing emissions from our own operations. The other half would come from reducing emissions outside of our operations where we have directly intervened, caused change or invested to make these reductions happen. Our new target will drive decisions that result in real emission reductions that benefit the environment, interdependent of where they occur, helping us to play our part in the energy transition.
We won’t reduce emissions by selling assets and we understand emissions are global and the world will only get to net-zero by focusing on real emission reductions. Embedding the GHG target and carbon price assumptions within our asset development execution model enables a rigorous process to promote the selection of efficient assets and technology for any oil sands, offshore, downstream and renewable projects.