CALGARY, June 18 /CNW/ - Suncor Energy Inc. today released its 14th
annual climate change report, which shows that while greenhouse gas emissions
climbed slightly during the past year, 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 year 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
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(R) 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(R) 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.
For further information:
For further information: Media Inquiries: Shawn Davis, (403) 920-8379;
Investor Inquiries: John Rogers, (403) 269-8670