Suncor Energy is aiming to hit zero emissions by 2050.
The oil company provided an update on its reduction plan on Wednesday highlighting what they need to do to hit this goal.
This includes growing its renewable fuels, electricity, and hydrogen businesses.
Suncor is also planning to help customers contribute to a net-zero world by providing them with cleaner energy choices such as renewable fuels and the Petro-Canada™ Electric Highway which highlights a path electric car owners can use to get to either side of the country.
“[Suncor] is confident it can significantly increase returns to investors while progressing to net-zero and meet growing energy needs,” read the company’s update.
In the oilsands, Suncor plans on continuing their ongoing efforts to reduce emissions.
Last year, they announced they had seen a 10 per cent drop over a five-year span.
Starting in 2030, they also estimate they’ll be able to reduce emissions by 10 megatonnes per year.
A lot of this comes from new technology the company has invested in which aims to provide a clean extraction process.
This includes an investment of $2 million on the RF XL commercial pilot test which uses radio waves to heat water in reservoirs to efficiently mobilize heavy oil and bitumen.
“We will continue to produce oilsands for many decades to come, driving significant shareholder returns and value, and delivering further emissions reductions on our journey to net-zero by 2050,” said Mark Little, Suncor President, and CEO.
