Olivia Woods
Suncor Energy Inc. has decided that wind and solar energy are no longer a focus for the company, despite the new UN climate change report stating that these two technologies are the best ways to cut global greenhouse gas emissions and keep global warming to a vital 1.5C.
Wind and solar assets are being sold by the Calgary-based energy company, which has been active in renewable energy production for two decades, to focus on hydrogen and renewable fuels instead.
One of the first renewable energy projects in Canada was built by Suncor together with Enbridge in 2002. Suncor has built eight wind farms in Saskatchewan, Alberta, and Ontario since then.
However, in a news release, the company announced it will sell these assets in order to make its portfolio more “fit and focus” in order to achieve net-zero emissions by 2050.
“By doing so, we use our strengths, competitive advantages and resources to drive shareholder returns and value over the long term and help us meet our emissions reduction targets,” said Mark Little, Suncor’s chief executive.
Suncor aims to focus on “targeted activities” going forward, including working with ATCO Ltd. to establish a hydrogen facility near Fort Saskatchewan, Alta. The initiative, introduced last spring, could produce over 300,000 tonnes of clean hydrogen every year.
For its part, Suncor is focusing on renewable fuels One of the company’s early investors is LanzaJet, which uses ethanol from corn or sugar cane to produce sustainable aviation fuel. In North America, Suncor has committed to establishing and operating a commercial manufacturing plant for LanzaJet.
Original source material for this article taken from here
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