CALGARY, Alberta – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has published its 2020 environmental, social & governance (ESG) data report, the first for the company following its combination with Husky Energy Inc. on January 1, 2021. This report is one of several important sustainability milestones for Cenovus this year and highlights the ESG metrics for each legacy company enabling investors, the financial community, and rating agencies to assess our ongoing performance.
Following the Husky transaction, Cenovus conducted a robust materiality assessment to establish its ESG focus areas for the combined company. Working with global advisors and engaging internal and external stakeholders, the company reaffirmed that safety and asset integrity, and corporate governance remain foundational to its business. Cenovus also identified the five most significant ESG focus areas for the company: climate & greenhouse gas (GHG) emissions, water stewardship, biodiversity, Indigenous reconciliation and inclusion & diversity. Our reporting structure, underpinned by these focus areas, aligns with the Sustainability Accounting Standards Board and IPIECA frameworks.
“We remain committed to ESG leadership, including our ambition of achieving net zero GHG emissions by 2050 and to helping Canada achieve its climate goals through our participation in the recently announced Oil Sands Pathways to Net Zero initiative,” said Rhona DelFrari, Cenovus Chief Sustainability Officer & Senior Vice-President of Stakeholder Engagement. “We have a responsibility to our investors, communities, staff and other stakeholders to continue with transparent reporting and we will take bold steps in setting and working to achieve our climate and other ESG targets.”
It is anticipated that in the fourth quarter of 2021, the company will release its comprehensive 2020 ESG report. In addition to aligning with the recommendations of the Task Force on Climate-related Financial Disclosures, the report will include new ESG targets for each focus area, as well as pro forma metrics for the combined company.