Suncor’s CEO attacks Norway; Divestment in the oil sands “is unfounded in fact”

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Suncor Energy Inc. CEO Mark Little said Norwegian sovereign wealth fund was not working on the latest facts when it decided to blacklist four Canadian energy heavyweights – including the oil giant and gas itself – from its investment universe.”Quite frankly, I don’t think they really recognized the work that is being done. In fact, I read their decision and much of it was before a whole different time and it didn’t take into account the things we do, “Little said in an interview with BNN Bloomberg on Tuesday. . “I am disappointed with the decision associated with it. ”

The $ 1 trillion wealth fund – the largest of its kind in the world – has severely curtailed its exposure to fossil fuels in the past year, after the Norges Bank board of directors removed Suncor, Canadian Natural Resources Ltd., Cenovus Energy Inc. and Imperial Oil Ltd. of its portfolio for reasons of climate change.

The fund’s decision came alongside the shutdown of a number of other global companies for reasons such as their involvement in coal or suspected human rights abuses.

But Little contends that the fund did not take into account Suncor’s multiple climate-related initiatives.

“There was no recognition that Canada, along with the oil sands, is the first and only jurisdiction on the surface of the earth that I extract carbon from the barrel and put it back into the ground before it never become a show. , ” he said.

This technology is also used by Canadian Natural and Imperial.

He also highlighted the company’s $ 1.4 billion investment to install low-carbon cogeneration units at its base oil sands plant, which is expected to reduce greenhouse gas emissions by 2 , 5 megatons per year.

“If you ignore all of this and the progress, then the decision is easy,” he said. “It’s a trip and if you want to demonize it – so much the better, and people obviously do. But this is not the reality. We need businesses and leaders to stand up, make decisions and make sure the future is different from the past. ”

“We will not give up if Norges is invested in us or not,” he added.



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