Suncor takes aim at renewable fuel and hydrogen
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The Canadian company had been investing in wind and solar but is dropping those assets.
Canadian energy giant Suncor has announced that it is turning its focus on hydrogen and renewable fuel. At the same time, it will be divesting itself of its massive wind and solar assets, into which it has been investing heavily over the last few years.
The company insists that it continues to aim for its commitment for net-zero emissions by 2050.
Suncor, based in Calgary, has made a massive clean energy pivot, deciding that its future is in renewable fuel and hydrogen instead of solar and wind. In a recent statement regarding this decision, it said that it believed that by focusing on these new targets instead of solar and wind, it will more efficiently arrive at its decarbonization goal. Moreover, beyond accelerating its progress for net-zero emissions, it has also stated that reaching that goal is important for boosting shareholder returns.
According to the company, over the last twenty years, it has developed eight wind power projects across three Canadian provinces. The first was in 2002. Now, it has projects in Ontario, Saskatchewan and Alberta.
Suncor will look at a range of different zero- and low-carbon hydrogen and renewable fuel technologies.
The company issued a news release stating that its strategy to reach its 2050 net-zero target will also involve the replacement of its coke-fired boilers which are located near Fort McMurray, Alberta at its Base Plant oilsands project.
Instead, it will use cogeneration units with lower emissions, in addition to accelerating its deployment of its commercial-scale carbon capture technology.
Suncor underscored that it has entered into a new partnership with ATCO. That collaboration will involve a new project for the construction of a world-scale hydrogen project in Alberta. Moreover, it will also be deploying next generation renewable fuel technologies, such as the sustainable aviation fuel tech from LanzaJet and the waste-to-fuels tech from Enerkem. The energy company also stated that it will be completing the construction of its incomplete wind farm projects before divesting of them. Its move to step away from solar and wind energy in Canada has been met with heavy criticism from Greenpeace.
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