Suncor’s move to get out of wind and solar criticized by Greenpeace Canada
Global News
Calgary-based energy giant Suncor announced Monday its plans to divest its wind and solar assets to focus on hydrogen and renewable fuels instead.
Suncor Energy Inc. is getting out of the wind and solar business, even as a new UN report on climate change says wind and solar technologies are the two best avenues to reduce global greenhouse gas emissions and limit the planet’s warming to a critical 1.5C.
The Calgary-based energy giant — which has been involved in renewable energy production for two decades — announced Monday its plans to divest its wind and solar assets to focus on hydrogen and renewable fuels instead.
In 2002, Suncor partnered with Enbridge to build one of the first renewable energy projects in Canada. Since then, Suncor has developed eight wind power projects in three provinces — Saskatchewan, Alberta and Ontario.
But in a news release, the company — which has set a goal of achieving net-zero emissions by 2050 — said it will sell those assets in order to bring more “fit and focus” to its portfolio.
“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 Suncor chief executive Mark Little in a news release.
Moving forward, Suncor plans to focus on “targeted activities” which include partnering with ATCO Ltd. on a project to build a hydrogen facility near Fort Saskatchewan, Alta. The proposed project, which was announced last spring and for which the partners expect to make a final investment decision in 2024, could produce more than 300,000 tonnes per year of clean hydrogen.
Suncor said it is also focused on renewable fuel technologies. The company is one of the founding investors in LanzaJet, a technology company that uses ethanol produced from corn or sugar cane as a feedstock to produce sustainable aviation fuel. (Suncor has committed to building and operating a commercial production facility somewhere in North America for LanzaJet).
It has also invested in Enerkem Inc., which operates a plant near Edmonton that turns non-recyclable, non-compostable mixed municipal solid waste into cellulosic ethanol, a popular biofuel.
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