Petroleum producer Cenovus Energy recently released its ESG report for 2021. In January of that year the company acquired Husky Energy. Subsequently, its management undertook a comprehensive review of its ESG goals and issued a revised set of objectives in December 2021. The company has grouped their reporting into 5 priority areas; Climate & GHG Emissions, Water Stewardship, Biodiversity, and Indigenous Reconciliation.
Cenovus has committed to timelines for achieving its objectives that range from 2025 up to 2050, for its most ambitious goal of net zero GHG emissions. The company reports progress in all of the areas. For example, it has met its 2030 target for water intensity reduction in oil sands operations. It is just under 50% of the way to reclaiming 3,000 de-commissioned well sites by 2025. It is more than halfway to its objective of spending $1.2 billion contracting with Indigenous businesses for goods and services. In the area of diversity and inclusion and governance, Cenovus reports that it is 87% of the way to the objective for women in leadership roles. It is also 90% of the way to its goals for non-management Board members from designated groups and its goal for outside women directors.
Read the report here.