Suncor plans to cut its emissions by one-third while boosting its oil production to a new level, according to Reuters.
The company’s executives declared the goal to cut annual emissions by 10 million tons (mt), or 34% throughout its operations by 2030, adopting lower carbon power, carbon-capture facilities and other initiatives. Its 2019 emissions were 29 mt.
Suncor, Canada’s second largest oil producer, is the first company to declare an absolute emissions reduction objective, focusing on cutting emissions per barrel. Canadian Prime Minister, Justin Trudeau, has set a goal of dropping national emissions by 40% to 45% by 2030.
While reducing emissions, Suncor will increase oil production to a record-high average of 800,000 barrels per day (bbl/d) between 2021 and 2025, by enhancing the efficiency of its existing facilities rather than building new projects. It also targets net-zero emissions by 2050.
The company would focus its planned $4.14 billion annual capital spending through 2025 on reducing costs and improving carbon competitiveness.
In this regard, Executive, Mark Little, said “we will continue to produce oil sands for many decades to come,” he also added that the company would not sell assets to reach emissions targets and has opportunities to beat its 2030 emissions goal.