Imperial sets 2030 oil sands emission intensity reduction goal; expects to meet 2023 objective

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) said today it plans further reductions in greenhouse gas emissions intensity over the next decade to help support Canada’s net zero goals.

By the end of 2030, Imperial anticipates reduced Scope 1 and 2 greenhouse gas emissions intensity of its operated oil sands facilities by 30 percent, compared with 2016 levels. The company plans to achieve this through implementation of lower greenhouse gas next generation technologies at its Cold Lake operation, efficiency improvements at its facilities, and the use of carbon capture and storage.

Imperial is also reaffirming its goal to achieve net zero Scope 1 and 2 greenhouse gas emissions in the company’s oil sands operations by 2050 in support of Canada’s commitment to move towards net zero emissions.

“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,” said Brad Corson, chairman, chief executive and president of Imperial. “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 has established plans using clear measureable goals with specific business actions to help achieve them. The company remains on track to meet its previous Scope 1 and Scope 2 greenhouse gas emissions intensity goal of a 10 percent reduction for operated oil sands facilities by the end of 2023, compared to 2016 levels. This improvement builds on Imperial’s previous success of reducing greenhouse gas emissions intensity by more than 20 percent in its oil sands between 2013 and 2016.

Imperial’s greenhouse gas emission reduction plans have been supported over the last 20 years with $2.1 billion invested into research and technology programs that have focused on oil sands production technologies designed to improve environmental and economic performance.

Imperial is a founding member of the Oil Sands Pathways to Net Zero alliance (Pathways). The goal of this alliance is to work together with the federal and Alberta governments to achieve net zero Scope 1 and 2 emissions from oil sands operations by 2050 to help Canada meet its climate goals. The first phase of the Pathways initiative will focus on building out a carbon capture and storage network in the oil sands producing region of northern Alberta.