At Suncor, we use our purpose – to provide trusted energy that enhances people’s lives, while caring for each other and the earth – to guide our decisions and actions. Our purpose embodies our commitment to sustainability and is our guide in these times of uncertainty. The world is contending with a global pandemic which has not only impacted lives, but has brought about disruptions to financial markets, businesses and the way we work and live. The crisis is also highlighting how interconnected environmental, social and economic systems are, and how our collective actions can have an enormous impact when we work together to find solutions. We all have a role to play in our shared energy future.
As much as our world has changed through COVID-19, Suncor remains fully committed to our strategy, sustainability leadership and our role in the energy transition to a low-carbon future. Our commitment is unwavering and continues to be at the heart of everything we do.
Hear Mark Little, president and chief executive officer, talk about sustainability at Suncor, and what that means during times of crisis.
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Mark Little (00:00):
Sustainability is all about seeing the big picture and whether that's in environmental, social, economic, or governance, all of these are interconnected. This year we embedded sustainability and ESG right into the purpose of the company, and we've said it's to provide trusted energy that enhances people's lives while caring for each other and the earth. Maybe never before in our history has that been more important than dealing with COVID-19 as we've seen markets collapse and crude oil demand significantly decline. And through it all, we've continued to provide the essential energy that our economy needs and so that we can keep moving forward as a society.Mark Little (00:46):
I think as people know, we've had to make some difficult decisions. Not only have we had to safeguard our people and our company through this, but we've also had to make some decisions on some of our investments. We've had to extend the timeline of some of our low-carbon innovation projects such as the Coke Fire Boiler Replacement Project at our Base Plant, or the Forty Mile Wind Power Project. It's a reminder that we depend on the financial health of our base business today to support investments in low carbon innovations for tomorrow. But let me be clear, our commitment to sustainability and our role in the energy transformation to a low-carbon future remains.Mark Little (01:30):
One of the biggest challenges of our time, climate change, is a critical focus for Suncor, and we continue to take steps to reduce our emissions across all of our facilities. This includes our commitment to reduce our total greenhouse gas emissions intensity by 30% by 2030, while developing ambitious approaches to sustainability beyond 2030. We also continue to invest in technology and innovation, including digital transformation. In 2019, we invested close to $1 billion in innovation, development and deployment.Mark Little (02:11):
One example is the completion of a coast to coast network of more than 50 fast charging electric vehicle chargers at Petro-CanadaTM stations across Canada. We know our customers want options to reduce their carbon footprint, and Canada's Electric HighwayTM is one way that Suncor through its Petro-CanadaTM brand can support Canadians with low carbon choices for their energy needs. Over the last year, I'm especially proud of the progress we've made towards our social goal to chart a new path strengthening relationship with indigenous peoples and increasing their participation in energy development.Mark Little (02:53):
One highlight is that in 2019 we spent over $800 million with Indigenous suppliers, representing 8% of our total overall spend. We are making great progress as a company, but there's still work to do. Our 2019 safety performance was a reminder that we need to constantly focus on the basics and keep safety above all else as our number one value in the company. And we continue to have a strong focus on operational discipline to better manage our environmental footprint. I believe we can, and will do better as we drive sustainability across the company. We need to look beyond the energy needs of today and understand what is required for a sustainable future, tomorrow. We are truly stronger together and our collective actions, no matter how big or small can add up to an enormous impact. We carry on our journey, stronger together.
