CALGARY — An environmental group has lodged a formal complaint with the Alberta Securities Commission over Suncor Energy Inc.'s climate risk disclosures.
Greenpeace senior energy strategist Keith Stewart says the Calgary-based oil giant used to prepare an annual report on climate-related risks, which included the disclosure of business strategy risk and the potential for stranded assets in a low-carbon future. He says this change in disclosure comes as the company appears to be doubling down on fossil fuels by selling off its renewables assets and purchasing a larger stake in the Fort Hills oilsands mine.
The pervasive narrative about offshore wind in recent years has been that costs are falling and that wind power is cheap. But scratch below the surface and you find that things are not quite so rosy. Turbine manufacturers have been losing money hand over fist in recent years. Collectively over the past five years the top four turbine producers outside China have lost almost US$ 7 billion – and over US$ 5 billion in 2022 alone.
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