Suncor Energy Approved as Ceres Company
Canadian Company Credited for Sustainability Focus
BOSTON - Citing the company’s strong focus and attention on sustainability issues for the past 10 years, the Ceres board of directors today announced that it has approved Suncor Energy as a Ceres company.
Suncor, an integrated energy company headquartered in Alberta, Canada, is the first Canadian energy company to join Ceres, a coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Suncor is among more than 70 companies in the Ceres network, including 20 Fortune 500 companies.
“From investments in renewable energy to the company’s long history of sustainability reporting, Suncor has shown a strong commitment to environmental and social issues,” said Mindy S. Lubber, president of Ceres. “As a major oil sands company, Suncor presents unique and daunting challenges. We look forward to seeing Suncor’s continued progress on energy-efficiency, carbon-capture technology and investments in renewable energy.”
Suncor has instituted various programs to reduce its environmental footprint. Among these efforts:
- In 2006, Suncor opened Canada’s largest ethanol production facility and by the end of 2007, Suncor expects to have four wind power projects in operation. Combined, the projects are expected to offset the equivalent of nearly 600,000 tons of carbon dioxide per year.
- Suncor reduced the amount of water it uses to produce a barrel of oil from oil sands by half between 2002 and 2006.
- Suncor has been releasing climate change reports since 1994. It also has issued sustainability reports since 1999, addressing Aboriginal relations, water and biodiversity impacts and health and safety.
“It is great to be recognized for our environmental work and to stand among others who are committed to sustainability,” said Gord Lambert, Vice President Sustainable Development at Suncor. “We’ve worked hard to get to where we are and will continue our efforts as we grow our business.”
Companies that join Ceres must commit to engage with investors, environmental groups and other stakeholders on sustainability issues, to report publicly on environmental performance and other sustainability topics and to make additional sustainability improvements.
Earlier this year Suncor was named to Fortune magazine’s global list of 10 corporations that go beyond what is required to operate in an environmentally responsible way and recognize the strategic value of environmentalism in their industries. Suncor was recognized for its greenhouse gas management programs, investigation of carbon capture techniques and water management.
Working with the Ceres coalition will offer Suncor opportunities to improve its stakeholder engagement efforts and reporting practices.
About Suncor Energy
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor’s oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66® brand. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
Founded in 1989, Ceres is a leading network of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, comprised of more than 50 institutional investors who collectively manage $4 trillion in assets. For more information, visit www.ceres.org.
Note: Inclusion of a company in the Ceres network of companies reflects a determination by Ceres that the senior executives and board of directors of the designated company have demonstrated a genuine continuing commitment to apply and support Ceres-approved corporate environmental and social objectives/principles and to acknowledge and promote its publicly available sustainability/corporate responsibility missions and values. Inclusion of a company in the Ceres network of companies is not intended, however, to constitute the endorsement or support by Ceres of the company’s business products, services and/or strategies.