Meg Energy Sustainability Profile
Megan Energy Corporation, commonly known as MEG Energy, is a prominent player in the Canadian oil and gas industry, headquartered in Calgary, Alberta. Founded in 1999, the company has established itself as a leader in the development of in-situ oil sands projects, primarily focusing on sustainable and efficient extraction methods. MEG Energy's core offerings include thermal oil production and innovative technologies aimed at reducing greenhouse gas emissions, setting it apart in a competitive market. With a commitment to environmental stewardship, MEG has achieved significant milestones, including advancements in steam-assisted gravity drainage (SAGD) techniques. Recognised for its operational excellence, MEG Energy continues to strengthen its market position, contributing to Canada's energy landscape while prioritising sustainability and efficiency in its operations.
DitchCarbon Score
How does Meg Energy's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Electrical Machinery Manufacturing industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Meg Energy's score of 34 is higher than 55% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Meg Energy's reported carbon emissions
In 2022, MEG Energy reported significant carbon emissions, with Scope 1 emissions totalling approximately 2,368,081,000 kg CO2e, which includes about 4,346,000 kg CO2e from fugitive emissions. Additionally, Scope 2 emissions were reported at approximately 383,000 kg CO2e. The company has not disclosed any Scope 3 emissions data. MEG Energy's emissions have shown fluctuations over the years. In 2021, Scope 1 emissions were about 2,439,106,000 kg CO2e, while Scope 2 emissions were non-existent. In 2020, the company reported approximately 2,113,450,000 kg CO2e in Scope 1 emissions and 16,000 kg CO2e in Scope 2 emissions. Despite these figures, MEG Energy has not set any specific reduction targets or initiatives as part of their climate commitments. There are no SBTi (Science Based Targets initiative) reduction targets or documented climate pledges currently in place. The absence of a structured reduction strategy may reflect the broader industry context, where many companies are still developing comprehensive climate action plans. Overall, MEG Energy's emissions data highlights the challenges faced by the oil and gas sector in managing carbon footprints, particularly in the context of increasing regulatory and societal pressures to reduce greenhouse gas emissions.
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| 2020 | 2021 | 2022 | |
|---|---|---|---|
| Scope 1 | 2,113,450,000 | 0,000,000,000 | 0,000,000,000 |
| Scope 2 | 16,000 | - | 000,000 |
| Scope 3 | - | - | - |
How Carbon Intensive is Meg Energy's Industry?
How Carbon Intensive is Meg Energy's Location?
Meg Energy's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Meg Energy has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
