Investment firm urges Suncor
to eliminate oil sands GHG emissions by 2020
VANCOUVER, BC-Inhance Investment Management, a Suncor shareholder, is calling on Suncor Energy to eliminate greenhouse gas (GHG) emissions from its oil sands operations by 2020. "By investing in ethanol production, wind power and research in carbon dioxide reduction technology, the company is working to reduce those impacts," said Dermot Foley, vice-president, strategic analysis, for Inhance. "However, we believe this company can do much more." A recent study by the Alberta-based Pembina Institute analyzed the costs associated with means and measures to address the oil sands industry's contribution to climate change. Its report, Carbon Neutral Oil Sands by 2020, concluded that for as little as $2.50 (U.S.) per barrel, GHG emissions from these operations could effectively be neutralized. "As investors, we believe Suncor has the leadership, technical capacity and vision to understand the financial and societal implications of achieving this goal," said Foley. Inhance Investment Management Inc. is a member of the Vancity Group. More information is available on the company's Web site, www.inhance.ca.