Greenpeace files securities complaint against Suncor over climate risk disclosures

CALGARY –

An environmental group has lodged a formal complaint with the Alberta Securities Commission over Suncor Energy Inc.’s climate risk disclosures.

Greenpeace Canada says Suncor may have failed to provide full, true and plain disclosure of all material facts in its forward-looking financial statements.

Greenpeace senior energy strategist Keith Stewart says the Calgary-based oil giant used to prepare an annual report on climate-related risks, which included the disclosure of business strategy risk and the potential for stranded assets in a low-carbon future.

Stewart says Suncor stopped disclosing the expected impacts on the company’s business strategy and profitability in various climate scenarios this year.

He says this change in disclosure comes as the company appears to be doubling down on fossil fuels by selling off its renewables assets and purchasing a larger stake in the Fort Hills oilsands mine.

Suncor put out a 52-page climate report earlier this year in which it detailed its objective to reach net-zero greenhouse gas emissions from production by 2050, with an interim objective of 10 million tonnes of annual emission reductions across its value chain by 2030.

This report by The Canadian Press was first published Oct. 12, 2023.