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this post was submitted on 12 Oct 2023
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This is the best summary I could come up with:
Oct 12 (Reuters) - Environmental group Greenpeace on Thursday said it has filed a complaint against Suncor Energy (SU.TO) with the Alberta Securities Commission (ASC), arguing that Canada's second-largest oil producer is failing to fully disclose climate-related risks to shareholders.
The complaint alleges Suncor removed warnings that oil sands projects could potentially become stranded assets in a low-carbon emissions scenario from its 2023 climate report.
"Suncor has stopped warning investors of the risk that a significant slice of its oil sands assets will be worthless in a low carbon future," said Keith Stewart, senior energy strategist for Greenpeace Canada.
Calgary-based Suncor is counting on carbon capture and storage and efficiency measures to help reach its net-zero emissions by 2050 goal and last year sold its wind and solar business to focus instead on hydrogen and renewable fuels.
CEO Rich Kruger, who took over in April, told an August earnings call Suncor had put a "disproportionate emphasis" on the longer-term energy transition.
Greenpeace is asking the ASC to investigate whether Suncor failed to adequately disclose climate-related transition risks associated with the recent shift in its business strategy, and order the company to reinstate those disclosures.
The original article contains 370 words, the summary contains 194 words. Saved 48%. I'm a bot and I'm open source!