Climate change is a complex challenge and requires a combination of innovative technologies, business evolution and forward-thinking partnerships. We have identified strategic initiatives to ensure immediate, tangible action toward our energy transition strategy as we evolve for a low-carbon future.
Initiatives include carbon capture and sequestration, low-carbon hydrogen, renewable natural gas, biofuels, electrification and other emerging technologies.
We continue to pursue renewable energy opportunities and develop, assess and invest in a portfolio of short, medium and long-term decarbonization opportunities.
We are working to achieve our energy transition goals
through key focus strategies.
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We will create and implement a program of investments at our refineries that will support long-term competitiveness through reduced carbon emissions, enhanced reliability, reduced operating costs and the creation of options for the future.
Hydrogen and new energy
We will unlock the strategic value of H2, while developing important new strategic opportunities in renewable energy and carbon capture, utilization and storage (CCUS). We will develop an integrated multi-year plan for generating value from the emerging hydrogen economy.
As we evolve our current biofuels business from a focus on regulatory obligation to a growth opportunity, we will include feedstock aggregation, biofuels production, biofuels blending, credit generation and the marketing of biofuels to customers.
We will extend our proven capabilities in trading to create new value for the company and explore the extension of our current trading function to enable trading beyond the needs of Irving Oil itself, creating a new source of strategic value.
Future of retail
We will continue our journey to define the future of our retail business, focused on generating new value from alternative fuels and in-store revenue and developing an integrated, multi-year plan for generating economic value from our convenience retail assets in all our markets.
Future of other customer-facing business
We will generate strategic options with a view to future resilience and growth, delivering an optimal product slate, portfolio mix and service offerings for the long-term sustainability of our business.