10 per cent
Imperial recognizes the important role we can play by advancing climate solutions within our operations and by providing lower life-cycle emissions products to our customers.
Our climate strategy leverages local advantages such as our skilled workforce, emerging technology, integrated operations, and a mature regulatory framework. It considers investments in lower-emission solutions while maintaining focus on business competitiveness and generating value for shareholders. Anticipating continued advancements in Canadian public policy and technology, our key climate strategy is underpinned by four pillars:
Transformational technology solutionsImperial’s sustained investment of more than $2.4 billion in R&D over the past 20 years plays an important role in progressing development of promising next-generation upstream technologies that will have a smaller footprint, use less water and could lower greenhouse gas emissions intensity (GHGi) up to 90 per cent.2 Of significance, when coupled with carbon capture and storage, these lower-emission technologies have the ability to produce incremental barrels at net-zero emissions.
Helping our customers reduce their emissionsImperial is focused on providing lower-carbon emission products that keep our communities and our customers moving. We are advancing plans to construct a world-class renewable diesel complex at our Strathcona refinery in Edmonton, Alberta with the potential to reduce greenhouse gas emissions by three million tonnes per year.3 We are excited to leverage hydrogen produced with carbon capture and storage technology and plant-based feedstock to produce lower-carbon intensity diesel fuel that helps our customers reduce their carbon emissions.
Mitigating emissions in our operationsImperial continues its focus on improving energy efficiency and reducing GHG emissions at our operations.4 Our plans consider next-generation solvent-based upstream technologies, carbon capture and storage, low-carbon intensity hydrogen and small modular reactors to support emissions reductions.
Finding solutions with partners and policy makers
Achieving our shared vision for a lower-emissions energy future will require leadership, ingenuity and collaboration with governments, Indigenous communities, technology firms and other third parties. Government support is critical in developing durable, supportive and market-driven policies to help drive the greatest greenhouse gas emission reductions at the lowest cost to society.
We recognize that connectivity and knowledge sharing positions our industry for a resilient lower-emissions future. Imperial became a founding member of the Oil Sands Pathways to Net Zero Alliance where the goal of this alliance is to work with the Government of Canada and the Government of Alberta to achieve net-zero emissions (Scope 1 and 2) for operated oil sands by 2050.5
10 per cent
Imperial’s Leduc field has come full circle from the discovery of oil about 75 years ago to now enabling energy of the future
Metrics and performance
Operated oil sands GHG emissions intensity7,8,9
(metrics tonnes CO2e/m3 upstream production)
Task Force on Climate-related Financial Disclosures (TCFD)Climate content is guided by the core elements of the framework developed by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
Metrics and targets
1As required by provincial regulation in Alberta and Ontario, our greenhouse gas emissions are third-party verified.
2Compared to cyclic steam stimulation and/or steam-assisted, gravity drainage production methods.
3This project is expected to realize about 3 million tonnes per year in emissions reductions in the Canadian transportation sector compared to petroleum-based diesel. Internal calculation based on 2020 draft Canadian Fuel Regulations: Canada Gazette, Part I, Volume 154, Number 51: Clean Fuel Regulations.
4GHG emissions intensity (scope 1 and 2) from Imperial’s operated oil sands. Compared with 2016 operated oil sands GHGi. Government, legal or regulatory changes could directly or indirectly delay or otherwise impact GHG emissions intensity reduction measures.
6Scope 1 and 2; with support of clear and consistent government policies.
7Production basis: Operated oil sands (Kearl and Cold Lake) production basis same as reported under Alberta greenhouse gas emissions regulation.
8GHG emissions intensity is the ratio of GHG emissions to production or throughput.
9In 2019, our Cold Lake production volumes were unable to fully offset natural field decline and our Kearl mine site needed to move more overburden than the previous year. Although this resulted in a slight uptick in our GHGi metric for 2019, we remain focused on our 2023 and 2030 goals.