President and CEO of Suncor Energy, Inc, (NYSE: SU), Rick George, announced at the company’s annual meeting that it will invest $500 million in renewable energy projects over the next five years.
"Our focus for the future will be similar to the past, with an emphasis on wind power and bio fuels, " he said. "Our renewable energy projects serve several purposes. In the short-term, they improve consumer choices and act as a partial offset for greenhouse gas emissions in other parts of our operations–something that will become increasingly important as we move further into a carbon-constrained economy. But the investments also make good business sense."
The company, which is involved in tar sand operations that have been heavily criticized for adverse environmental effects, currently operates Canada’s largest ethanol production facility and is part owner in four wind projects.
George said the company invested $250 million in renewable energy projects over the last seven years.
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