CEO Rich Kruger said Suncor Energy has been too focused on the energy transition and must get back to an oil\u002Dcentred strategy. Read more.
He said he believes Suncor must not neglect “the business drivers of today” in favour of future-focused, clean and low-carbon energy pursuits.
His comments also come at the tail end of a summer in which global temperatures have soared to never-before-seen heights and wildfires exacerbated by climate change have wreaked devastation across the planet.Article content “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.
British energy giant BP has also scaled back its greenhouse gas emission reduction targets in the wake of last year’s record profits from oil, while ExxonMobil’s CEO has boasted of “leaning in” to the petroleum products that are in demand today.“They are all absolutely focusing on their short-term balance sheet performance.”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.Article content
“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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