Suncor getting out of wind and solar; will shift focus to hydrogen and renewable fuel
Posted April 4, 2022 8:04 pm.
Last Updated April 4, 2022 8:16 pm.
CALGARY — Canadian energy company Suncor says it is getting rid of its wind and solar assets.
In a news release Monday, the Calgary-based company says it still intends to be net-zero emissions by 2050, but will accelerate progress towards that target by focusing on hydrogen and renewable fuels instead.
Suncor says its strategy for hitting the 2050 goal is also focused on increasing shareholder returns.
The company says it has developed eight wind power projects since 2002 in three provinces — Saskatchewan, Alberta and Ontario.
The news release says efforts to hit the 2050 net-zero goal also include replacing coke-fired boilers at its Base Plant oilsands project near Fort McMurray, Alta., with lower emission cogeneration units, as well as accelerating commercial-scale deployment of carbon capture technology.
It also notes it’s partnering with ATCO on a project to build a world-scale hydrogen project in Alberta and deploying next-generation renewable fuel technologies like LanzaJet’s sustainable aviation fuel technology and Enerkem’s waste-to-fuels technology.
This report by The Canadian Press was first published April 4, 2022.
Companies in this story: (TSX:SU)
The Canadian Press
