Cenovus releases 2019 environmental, social & governance report
July 14 2020 - 5:00AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has published its 2019
environmental, social & governance (ESG) report. In 2019, the
company conducted a formal materiality assessment to identify the
four ESG focus areas that are most impactful to its business. The
company then engaged in a rigorous process that involved work with
external ESG consultants and included robust scenario analysis to
establish ambitious targets for greenhouse gas (GHG) emissions.
Cenovus also set bold targets in its three other key ESG focus
areas: Indigenous engagement, land & wildlife and water
stewardship. The ESG targets were announced January 9, 2020 and
Cenovus continues to work on the plan for pursuing these targets
over the next decade.
“This past year was an important one for Cenovus as we continue
to integrate sustainability into our strategy and business
decisions,” said Alan Reid, Cenovus Executive Vice-President,
Stakeholder Engagement, Safety, Legal & General Counsel.
“Building on our long track record for sustainable development, we
laid the foundations to establish meaningful targets in the four
ESG areas that are most impactful to our business and stakeholders
and are aligned with the priorities of our five-year business plan.
We also did the hard work required to ensure we’ve adopted the most
widely recognized reporting standards for our industry in our 2019
ESG report.”
In this report, Cenovus has transitioned its approach to further
align with the recommendations of the Task Force on Climate-related
Financial Disclosure (TCFD) and, new this year, to follow the
standards established by the Sustainability Accounting Standards
Board (SASB). The report also incorporates references to the United
Nations Sustainable Development Goals (SDGs).
Other 2019 ESG highlights:
- Incorporated Cenovus’s four ESG focus areas into the company’s
capital allocation framework
- Continued to advance safety culture at Cenovus, achieving the
second lowest total recordable injury frequency in company
history
- Established a Sustainability Advisory Council of senior Cenovus
leaders from key areas of the company’s business to advise on
sustainability initiatives
- Laid the groundwork for Cenovus’s unprecedented $50 million
Indigenous Housing program, announced on January 30,
2020
- Advanced the work of the company’s Indigenous Inclusion
Advisory Committee
- Launched a new diversity and inclusion training program and
extended mental health benefits which are the best-in-class for
corporations in Canada
AdvisoryForward-looking
InformationThis document contains certain forward-looking
statements and forward-looking information (collectively referred
to as “forward-looking information”) within the meaning of
applicable securities legislation, including the United States
Private Securities Litigation Reform Act of 1995, about our current
expectations, estimates and projections about the future, based on
certain assumptions made by us in light of our experience and
perception of historical trends. Although Cenovus believes that the
expectations represented by such forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking information as actual results may
differ materially from those expressed or implied.
Forward-looking information in this document includes statements
about pursuing and achieving targets, commitments and ambitions for
our ESG focus areas. Please refer to the advisory contained
in our January 9, 2020 news release announcing our ESG targets and
ambitions for a description of the assumptions made in respect of
our ESG targets and ambitions, as well as a description of certain
risks and uncertainties that could impact these targets and
ambitions.
Additional information about risks, assumptions, uncertainties
and other factors that could influence Cenovus’s actual results is
provided in Cenovus’s Management’s Discussion and Analysis
(MD&A) for the year ended December 31, 2019 and its MD&A
for the period ended March 31, 2020 as well as its Annual
Information Form and Form 40-F for the year ended December 31, 2019
(all available on SEDAR at sedar.com, on EDGAR at sec.gov and
Cenovus's website at cenovus.com).
Cenovus Energy Inc.Cenovus Energy Inc. is a
Canadian integrated oil and natural gas company. We are committed
to maximizing value by sustainably developing our assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance (ESG) considerations into our business
plans.
Our operations include oil sands projects in northern Alberta,
which use specialized methods to drill and pump the oil to the
surface using a technique called SAGD. We also have conventional
crude oil, natural gas and natural gas liquids assets in Alberta
and British Columbia as well as 50 percent interest in two U.S.
refineries operated by Phillips 66. Cenovus shares trade under the
symbol CVE and are listed on the Toronto and New York stock
exchanges. For more information, visit cenovus.com.
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Instagram.
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