Imperial Oil has set a target to reduce greenhouse gas emissions intensity from its oil sands operations by 30% by the end of 2030.
The Canadian company plans to achieve its goal through the implementation of next-generation technologies that lower emissions at its Cold Lake operation, efficiency improvements at its facilities and the use of carbon capture and storage (CCS).
Imperial has also reaffirmed its goal to achieve net zero Scope 1 and 2 emissions in its oil sands operations by 2050, in support of Canada’s commitment to transition to a net zero economy.
It remains on track to meet its previous Scope 1 and 2 emissions intensity goal of a 10% reduction for operated oil sands facilities by 2023, compared to 2016 levels.
It builds on the company’s previous success of reducing greenhouse gas emissions intensity by more than 20% in its oil sands operation between 2013 and 2016.
Imperial sets 2030 oil sands emission intensity reduction goal; expects to meet 2023 objective
— Imperial Oil (@ImperialOil) January 19, 2022
Brad Corson, Chairman, Chief Executive and President of Imperial said: “We are making significant step changes by deploying a suite of lower-emissions solutions in our oil sands operations that help support Canada’s ambition for net zero emissions by 2050.
“Our updated emission-reduction plans are challenging and require innovation and technology solutions developed in collaboration with policymakers, industry and other stakeholders, to help accelerate deployment of lower carbon technology.”
Imperial is a founding member of the Oil Sands Pathways to Net Zero alliance, which is working together with the federal and Alberta governments to achieve net zero Scope 1 and 2 emissions from oil sands operations by 2050.
The first phase of the initiative will focus on building a carbon capture and storage (CCS) network in the oil sands producing region of northern Alberta.