Suncor Energy, a Canadian integrated energy company based in Calgary, announced it is abandoning its wind and solar projects to focus on its oil and gas sector..In an effort to optimize returns on its investment in the Canadian energy sector and maximize shareholder dividends, Suncor “will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050,” a Tuesday press release said..“Optimizing the portfolio to drive shareholder returns and continue to reduce emissions requires focus and discipline. Therefore, Suncor plans to divest its wind and solar assets,” Suncor said..Suncor said the company has been a sustainability leader for more than 20 years and has had a pivotal role in developing the Canadian renewable power sector..“While Suncor is in the fortunate position of being long on opportunities, we are adjusting our portfolio for fit and focus,” said Mark Little, Suncor president and chief executive officer. “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.”.Suncor collaborated with Enbridge in 2002 to build one of the first renewable energy projects in Canada, and since Suncor has developed eight wind power projects in three provinces — Saskatchewan, Alberta and Ontario..“Suncor will continue to participate in many aspects of the electricity value chain, including producing power through its integrated co-generation operations, through power marketing and trading, by providing customers with EV charging and potentially procuring renewable power through power purchase agreements,” Suncor said..In support of Suncor’s objective to maximize shareholder returns and speed up its progress to be a net-zero company by 2050, Suncor said it will be “focusing its efforts in areas that are complementary to its base business, including replacing coke-fired boilers at Base Plant with lower emission co-generation units and accelerating commercial-scale deployment of carbon capture technology.”.Other targeted activities include partnering with ATCO on a project to build a world-scale hydrogen project in Alberta and the deployment of next-generation renewable fuel technologies like Lanzajet’s sustainable aviation fuel technology and Enerkem’s waste-to-fuels technology..Late 2021, the Alberta government announced a new focus on the development of hydrogen, saying it “can be the next great energy export that fuels jobs, investment and economic opportunity across our province.”.The province envisions enormous growth in global hydrogen use from an estimated 90 million tonnes today to 700 million tonnes by 2050 — a market worth more than $700 billion. This will amount to an approximate 80% growth from current levels..Suncor recently announced its intention to divest its Norway exploration and production assets as well as the planned sell-down of its Rosebank interest in the UK’s North Sea..Amanda Brown is a reporter with the Western Standard.,.abrown@westernstandardonline.com.,.Twitter: @WS_JournoAmanda
