We are calling on Suncor Energy to commission a report that would provide data and analysis on the impacts and costs of Suncor’s
commitment to achieving Net Zero carbon emissions by the year 2050. This should address how the Net Zero commitment will affect
revenue projections, growth plans, costs, profit, and share price.
On the global level, a commitment to Net Zero by 2050 would mean massive declines in the use of coal, oil and natural gas. Yet, demand
is forecast to go up and there are no signs of its peaking anytime soon. On the national level, commitment to Net Zero by 2050 has the
potential to disrupt Canada’s energy security, food security, national security and economic security, but in the enthusiasm forthe concept,
its costs are not explained to Canadians. And on the company level, Net Zero by 2050 would make it significantly more difficult for Suncor
to do what it does best – extract oil and natural gas – resulting in lower production, lower revenue, less profitability, and thus reduced
returns for shareholders.
The commitment to Net Zero by 2050 has profound implications for share value. Shareholders have a right to know what those implications
are. Suncor owes a duty of care to shareholders to explain the situation thoroughly, and a comprehensive report is the best way to do that.