Suncor Energy Inc.

Suncor Energy Inc.

February 21, 2007 00:00 ET

Suncor Energy clarifies climate change position

Calgary, Alberta (February 21, 2007) — Suncor Energy Inc. today clarified its position on achieving the commitments of the Kyoto protocol, one day after a company executive presented before a special legislative committee of the Commons studying Bill C-30, the Clean Air Act.

"Without clear legislation, Suncor is unable to determine the financial impact of any climate change policy on its business and the time it would take to achieve regulated commitments," said Gord Lambert, vice president, sustainable development.

Lambert, who represented Suncor at the committee session in Ottawa Tuesday, said Suncor believes the proposed Clean Air Act, coupled with the work of the committee, will enable Canada to make reductions in greenhouse gas emissions. However, without fully understanding the details of any specific policy design or framework related to climate change, Suncor cannot confirm with certainty the company's ability to meet specified emission reduction targets and timeframes.

Following his presentation to the committee, Lambert was asked about the viability of achieving the Kyoto protocol.

"Meeting the targets laid out by Kyoto and achieving emission targets laid out in the proposed Clean Air Act are very different objectives," said Lambert. "We do not believe Kyoto targets — reducing greenhouse gas emissions to six per cent below 1990 levels — can be achieved by 2012 short of buying substantial carbon dioxide credits. There isn't the time available to implement the technologies required to make those reductions in emissions."

Suncor's climate change action plan, first adopted in 1997, sets out a seven-point strategy for managing greenhouse gas emissions. In addition to providing public policy input the company is focusing its actions on energy efficiency improvements, investing in renewable energy and carbon dioxide capture and storage. 

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.

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For further information, contact:

Darcie Park
(403) 205-7959