Canadian oilsands giant Suncor isn't getting out of green energy altogether, but the company is shifting its focus. According to a press release, Suncor is changing strategies to develop hydrogen and other renewable fuels.
“While Suncor is in the fortunate position of being long on opportunities, we are adjusting our portfolio for fit and focus,” said Mark Little, Suncor's president and chief executive officer.
“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,” the CEO stated.
Suncor is a major investor in LanzaJet, a new technology that utilizes ethanol produced from corn or sugar cane as a feedstock to produce sustainable aviation fuel.
Suncor is also an investor in Enerkem Inc. near Edmonton, Alberta that turns non-recyclable, non-compostable municipal garbage into ethanol.
Suncor will also go ahead with the 400 megawatts Forty Mile Wind Power Project that will occupy 50,000 acres when finished near Bow Island, Alberta. The project was first started in April 2021.
Greenpeace, however, was not placated.
Greenpeace's chief energy strategist, Keith Stewart, told CTV News:
“But that's not the future of energy,” Stewart said, referring to the Suncor re-commitment to biofuels. “The IPCC report was basically flashing a big red strobe light at (Suncor), saying wind and solar are where we need to be investing, and they just looked away, put on their sunglasses and said 'no, we're sticking with what we know.'”