Suncor CEO says electric vehicles will disrupt oil industry on ‘a similar scale’ to coronavirus


“The temporary economic lockdown triggered by the 2020 pandemic is giving us a glimpse into a not-too-distant future where the transformation of our energy system could disrupt demand on a similar scale,” Mark Little wrote in an opinion piece also co-written by Alberta Innovates CEO Laura Kilcrease for Corporate Knights, urging the energy industry to turn to new growth opportunities. (Corporate Knights)

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Talking point: Suncor reported a first-quarter net loss of $3.53 billion, showing the Calgary-based company is feeling the pain from COVID-19 and resulting low oil demand. Little said he doesn’t expect a full recovery for Suncor or the Canadian energy sector until at least 2022. The challenges go beyond the pandemic: last month, Norway’s US$1-trillion wealth fund blacklisted Suncor for producing excessive greenhouse gas emissions. He addressed those issues in the column, in which he urged the industry to “focus investments on disruptive advantage” and develop low-carbon technologies “to commercial scale.”