Investors deserve more clarity on how Suncor’s investments impact its ability to reach climate targets.
Today, 17.7% of Suncor investors voted for the net zero capital expenditure resolution filed by Investors for Paris Compliance.
While the resolution did not pass, Suncor needs to provide more disclosure on its capital spending plans and whether they align with net zero.
“This disclosure is critical to assessing Suncor’s ability to respond to the energy transition that is changing the company’s competitive landscape,” said Duncan Kenyon, Investors for Paris Compliance Director of Corporate Engagement.
Suncor recently sold off its solar and wind assets and doubled-down on oilsands production through the Fort Hills acquisition. These are signs that Suncor is moving in the opposite direction to diversifying its business into lower carbon offerings.
“Carbon capture and sequestration – even if it works – is not a silver bullet to Suncor reaching net zero,” said Kenyon. “The energy transition is a shift away from oil and gas, not making them slightly better.”
