Addressing climate change remains one of the world’s most complex and pressing challenges. It has the potential to affect all aspects of our society, and collectively, we all have a part to play in transforming the energy system to reduce emissions while supporting a prosperous and safe world.
IIn line with the rising urgency around climate change, interest and engagement from the capital markets have greatly increased in recent years. The energy sector, in particular, has drawn significant attention from investors and financial institutions on climate change risk. The financial sector including pension funds, asset managers, banks and insurers, no matter how big or small, have galvanized around the recommendations from the Task Force on Climate Related Financial Disclosures (TCFD). Suncor publicly declared support for the TCFD recommendations in 2018.
We recognize the importance of carbon risk and engaging with our shareholders and financial partners on this risk. As such, I am happy to share the fourth edition of Suncor’s dedicated disclosure on climate risk and resilience. Carbon management has been a focus for our business for decades and we’re making significant progress to achieve our current greenhouse gas (GHG) goal to reduce our GHG emissions intensity by 30% by 2030. We also value active engagement with investors and financial partners through organizations like Climate Action 100+ and Ceres. These opportunities allow us to share knowledge and seek bold, new approaches for continued business success.
We’ve used the TCFD recommendations to structure our report, provide decision-useful information, and continue supporting high-quality engagement. I encourage you to read about our GHG performance and robust governance approach. We also share some of our notable investments in low-carbon technology and our strategy to remain successful in a rapidly transforming world including insights from our new 2°C scenario.
Despite a challenging economic environment today, we continue to invest in reducing emissions from our base business as well as new opportunities for energy system transformation as these are critical to business resiliency and long-term shareholder – and stakeholder – value creation.
While we have plans for further investment in our energy future, the market downturn and global pandemic have required us to adjust the timing of some initiatives. To protect the financial health of the business, we delayed the replacement of our coke-fired boilers and the Forty Mile Wind Power Project. These decisions are clear reminders that we depend on a financially healthy business today to support investments in low-carbon innovations for tomorrow.
Our portfolio of high-quality assets, prudent management and strong investment-grade credit rating along with our history of transparent climate disclosure and active engagement, have established Suncor as a trusted provider of energy in Canada. Our commitment to creating shareholder value, our strategy and focus on sustainability position us well in a low-carbon future.
chief financial officer