Suncor CEO Rich Kruger wants to double down on oil sands production while Canada burns and the world bakes. Investors are thrilled. What planet do they think they live on?
Itâs 2023. Huge swaths of Canada are on fire. Much of the world is baking, burning, drowning, or starving. And the new CEO of Calgary-based Suncor Energy wants his company to go all-in on its oil sands operations after it sold off all its wind and solar projects.
âWe have a bit of a disproportionate emphasis on the longer-term energy transition,â Rich Kruger told analysts earlier this week. âToday, we win by creating value through our large integrated asset base underpinned by oil sands.â
If you live downstream or downwind of Suncorâs operations, or if youâre like all of us and depend on the atmospheric systems the company is doing its best to broilâwhat could possibly go wrong?
And if youâre an investor who expects this company to survive its own business strategy as governments tackle the climate emergency and the wider investment picture shiftsâor even if you expect your other investments to deliver as advertised despite mounting climate chaosâwhat in the world are you thinking?
At least the new Suncor CEO is performing as expected, however unpalatable and dangerous that performance might be.
