We’ve recently heard from some groups that oil sands environmental challenges make the industry exceptionally risky and that companies aren’t particularly transparent in disclosing these issues to investors.
Some recent examples include statements from Northwest & Ethical Investments L.P. and Ceres, the ethical investment coalition.
Do the claims stand up to scrutiny?
First, it is true that oil sands development comes with environment challenges: preventing pollution, securing and reclaiming tailings ponds, minimizing water consumption and carbon and other air emissions during production processes, and protecting wildlife and the people that live in surrounding communities.
But these challenges are controlled and managed by continuous process improvements, good engineering, responsible practices and diligent oversight so they don’t become risks and problems can be quickly and safely contained.
For us, transparency and commitment in implementing solutions designed to address any challenges associated with our business is a never-ending priority. For example, we monitor and report the energy intensity of production continually, and factor in CO2 costs when calculating the economics of future projects. As we have discussed in previous OSQAR bulletins, we are implementing a dry tailings process (TROtm) that we expect will dramatically reduce the need for tailings ponds and their associated costs. We also have a seven-point climate change action plan and well defined environmental performance goals. A substantial portion of our investment in oil sands production is precisely to ensure the challenges are mitigated.
We know too, that our stakeholders have high expectations. That means not only identifying risks and managing challenges on our part, but also reporting on our performance with as much information as possible. Regular stakeholder meetings, project briefings, newsletters and regulatory filings are all part of this process.
In addition, we go beyond compliance and engage with groups to guide the development of our Report on Sustainability. Through a materiality and third party data review, we report on a range of environmental, social and other performance indicators. For more information, read the Suncor Report on Sustainability.
All forms of energy - conventional and alternative - have challenges, whether it’s potential impacts to the environment, to wildlife or even human health.
By the same token, we believe that addressing these challenges creates tremendous opportunity for our industry to innovate, and implement new technology and solutions to minimize environmental effects.
We understand we operate in an industry encompassed by responsibilities to our workers, our communities and to Alberta and Canada, and also to our investors. The importance of mitigating impacts and being transparent about our performance can’t be overstated.
To be successful in the eyes of our investors and stakeholders, we take these responsibilities seriously, making sure they’re the hallmark of our continuing efforts.
Do the claims stand up to scrutiny?
First, it is true that oil sands development comes with environment challenges: preventing pollution, securing and reclaiming tailings ponds, minimizing water consumption and carbon and other air emissions during production processes, and protecting wildlife and the people that live in surrounding communities.
But these challenges are controlled and managed by continuous process improvements, good engineering, responsible practices and diligent oversight so they don’t become risks and problems can be quickly and safely contained.
For us, transparency and commitment in implementing solutions designed to address any challenges associated with our business is a never-ending priority. For example, we monitor and report the energy intensity of production continually, and factor in CO2 costs when calculating the economics of future projects. As we have discussed in previous OSQAR bulletins, we are implementing a dry tailings process (TROtm) that we expect will dramatically reduce the need for tailings ponds and their associated costs. We also have a seven-point climate change action plan and well defined environmental performance goals. A substantial portion of our investment in oil sands production is precisely to ensure the challenges are mitigated.
We know too, that our stakeholders have high expectations. That means not only identifying risks and managing challenges on our part, but also reporting on our performance with as much information as possible. Regular stakeholder meetings, project briefings, newsletters and regulatory filings are all part of this process.
In addition, we go beyond compliance and engage with groups to guide the development of our Report on Sustainability. Through a materiality and third party data review, we report on a range of environmental, social and other performance indicators. For more information, read the Suncor Report on Sustainability.
All forms of energy - conventional and alternative - have challenges, whether it’s potential impacts to the environment, to wildlife or even human health.
By the same token, we believe that addressing these challenges creates tremendous opportunity for our industry to innovate, and implement new technology and solutions to minimize environmental effects.
We understand we operate in an industry encompassed by responsibilities to our workers, our communities and to Alberta and Canada, and also to our investors. The importance of mitigating impacts and being transparent about our performance can’t be overstated.
To be successful in the eyes of our investors and stakeholders, we take these responsibilities seriously, making sure they’re the hallmark of our continuing efforts.
