Suncor Energy turns to hydrogen, renewable fuels to reach net-zero by 2050

Suncor Energy Inc. will put an emphasis on hydrogen and renewable fuels in its bid to achieve net-zero greenhouse gas emissions by 2050.

"Suncor is focusing its efforts in areas that are complementary to its base business including replacing coke-fired boilers at Base Plant with lower-emission cogeneration units and accelerating commercial-scale deployment of carbon capture technology," the Canadian oil company said in an April 4 news release.

The company will also collaborate with ATCO Ltd. on a project to build a world-scale hydrogen project in Alberta. Suncor also intends to deploy renewable fuel technologies like Lanzajet's sustainable aviation fuel technology and Enerkem's waste to fuels technology.

Suncor is a participant in FuelCell Energy Inc.'s carbon capture demonstration project, which features its proprietary carbonate fuel cell technology.

In the statement, Suncor emphasized two recent announcements: that it intends to divest its Norway exploration and production assets, and that the company has planned a sell-down of its Rosebank interest in the U.K. North Sea as part of an effort to drive shareholder value.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.