ESG focus areas & targets
Working with global experts, Cenovus conducted a robust environmental, social and governance (ESG) materiality assessment to determine Cenovus’s ESG focus areas. Recognizing that safety & asset integrity and governance remain foundational to all that we do, five ESG focus areas have been identified:
- Climate & GHG emissions: supporting the transition to a lower carbon economy
- Water stewardship: using water in an environmentally sustainable manner
- Biodiversity: addressing ecological, wildlife and land use impacts
- Indigenous reconciliation: ongoing engagement to increase opportunities and understanding
- Inclusion & diversity: building a sense of belonging through active participation
We have established meaningful and ambitious, yet achievable, targets in each of our focus areas, which have been endorsed by the Cenovus executive leadership team and Board of Directors. Our targets set out how we aim to improve our ESG performance and help our business remain resilient over the longer term while creating shareholder value.
Note: Targets include start year: 2019 for emissions, water intensity, well reclamation and Indigenous business spend; 2016 for caribou habitat restoration. Emissions reductions are in reference to scope 1 and 2, on a net equity basis.
- Leadership roles include Team Lead/Coordinator/Supervisor positions or above.
- Designated groups are defined as women, Aboriginal peoples, persons with disabilities and members of visible minorities.
Legacy Cenovus and Husky each had ambitious ESG targets prior to the combination and some of our new targets are a continuation of those commitments. Others are an amalgamation of the targets previously set by the two entities and reflect the combined asset portfolio. We challenged target leads to re‑establish targets for each of the five ESG focus areas and articulate a path and program for achieving them, including identifying the levers and resources that will be required. This work was done hand‑in‑hand with the development of the five‑year business plan to embed the ESG targets in the planning process and ensure business decisions are made with ESG considerations in mind.
Find out more about our targets and how we plan to achieve them in our environmental, social & governance report.