“It’s hard to understand how anyone who has seen the absolute devastation of this summer’s fires, floods and leaks could continue pushing for the expansion of fossil fuels,” Ullman said in an email.
Suncor is not alone in its strategy, said Duncan Kenyon, director of corporate engagement with shareholder advocacy group Investors for Paris Compliance. Ever since crude prices spiked in the aftermath of last year’s Russian invasion of Ukraine, he added, energy companies have been laser-focused on maximizing profits from oil.
Last year, Suncor sold off its wind and solar power assets, getting out of the renewable energy business it had been involved in for more than two decades. Suncor is a member of the Pathways Alliance, a consortium of Canadian oilsands companies that have all committed to net-zero by 2050 and have proposed working together to construct a massive carbon capture and storage transportation hub in northern Alberta to help reduce emissions from oilsands production.
“They’re trying to cash in, in the short-term,” he said. “But I don’t see any acknowledgment of the risk of doubling down on ‘business as usual.’ ”
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