Sustainability at Cenovus
At Cenovus, sustainability is essential to the way we do business. It means creating a safe and inclusive workplace, partnering with local and Indigenous communities, and innovating to minimize our impact on the environment. We believe striking the right balance among environmental, economic and social considerations creates long-term value.
We recognize that operating our business sustainably requires transparency with our stakeholders about our environmental, social and governance (ESG) performance. After conducting comprehensive research and consulting with third-party experts, we’ve identified four key ESG focus areas for the company - climate & greenhouse gas (GHG) emissions, Indigenous engagement, land & wildlife and water stewardship. Supported by our leading safety practices and strong governance structure, we believe these four ESG focus areas are the most material to our company and are of the greatest importance to our stakeholders.
We’ve also established ambitious targets to guide Cenovus’s performance in our ESG focus areas. These targets reflect our continued commitment to integrating sustainability considerations into our business decisions and are designed to further strengthen our long-term business resilience. We’re confident we have the right business model and people to achieve these targets while continuing to maintain our low cost structure, generate free funds flow and grow shareholder returns.
- Reduce emissions intensity by 30%(1)
- Hold absolute emissions flat(1)
Cenovus’s long-term ambition is to reach net zero emissions by 2050.
- Achieve a minimum of $1.5 billion of additional spending with Indigenous businesses
- Reclaim 1,500 decommissioned well sites
- Complete $40 million of caribou habitat restoration work
- Achieve a fresh water intensity of maximum 0.1 barrels per barrel of oil equivalent
(1) Includes scope 1 and 2 emissions from operated facilities. Uses a 2019 baseline. For more details, see the Definitions section of our ESG targets news release.
“The meaningful targets we’ve announced build on our achievements to date and position us to thrive in the transition to a lower-carbon future. I’m confident we have the right business model and talent in place to achieve them.”
Cenovus President & Chief Executive Officer
Find out more about sustainability at Cenovus in our Environmental, Social and Governance report.