Imperial CEO Highlights Commitment to Energy Security and Emission Reduction Initiatives

In a recent presentation to the federal Standing Committee on Environment and Sustainable Development, Brad Corson, CEO of Imperial, articulated the company's unwavering commitment to bolstering Canada's energy security while addressing the pressing need to reduce emissions. Corson underscored Imperial's operations on the traditional territories of First Nations, Métis, and Inuit peoples, reflecting the company's deep respect for the land and its history.

Imperial is not merely a producer of oil and gas; it plays a crucial role in enhancing the standard of living for Canadians and generating significant economic benefits through job creation and tax revenues. The recent global focus on energy security has further propelled Imperial’s responsibility to provide reliable energy while actively pursuing a net-zero future. With a concerted effort, the company has devised comprehensive emission reduction strategies aimed at lowering greenhouse gas (GHG) intensity across its operations.

Corson announced a company-wide target to achieve net zero scope 1 and 2 emissions from operated assets by 2050, driven by technological advancements and collaborative efforts with government and industry partners. The company has already made strides, reducing GHG intensity at its oil sands facilities by over 20% between 2013 and 2016, with a goal of an additional 30% reduction by 2030. This ambition is bolstered by ongoing projects that utilize cutting-edge technology to significantly decrease emissions, such as the Grand Rapids project at Cold Lake, which is expected to lower GHG emissions intensity by as much as 40% compared to conventional methods.

One of Imperial's most ambitious initiatives is the development of Canada’s largest renewable diesel project at its Strathcona refinery, set to produce over one billion liters of renewable diesel annually from local agricultural feedstocks. This project not only promises to mitigate emissions by approximately 3 million metric tons per year but also represents a substantial investment of $720 million, generating 600 jobs and laying the groundwork for a low-carbon hydrogen value chain in Alberta.

Additionally, Imperial is exploring lithium extraction from brine to establish a domestic supply chain for this critical mineral essential for electric vehicle batteries, as well as testing bio-based co-processing techniques at its refineries to enhance carbon intensity reductions in finished products.

Despite the cyclical nature of the global energy market, Imperial has remained resilient, having invested over $2.5 billion in research and development over the past two decades. Corson emphasized the necessity of aligning public policy, technology, and investment to effectively navigate the energy transition and secure an affordable, reliable energy future for Canadians.

As the energy landscape evolves, collaboration among government, industry, customers, and Indigenous communities will be pivotal in unlocking Canada’s potential as a global leader in a lower-emission economy. Corson expressed pride in Imperial’s legacy of responsible energy development and its commitment to delivering value to shareholders while supporting a sustainable future for all Canadians.