Cenovus Energy Inc., a prominent player in the Canadian oil and gas sector, is headquartered in Calgary, Alberta. Founded in 2009, the company has rapidly established itself as a leader in the exploration, production, and refining of oil and natural gas, with significant operations in Alberta and Saskatchewan. Cenovus is particularly known for its innovative approaches to oil sands development and its commitment to sustainable practices.
The company’s core offerings include crude oil, natural gas, and refined products, distinguished by their focus on efficiency and environmental stewardship. Cenovus has achieved notable milestones, including advancements in carbon capture technology, positioning itself as a forward-thinking entity in the energy landscape. With a strong market presence and a dedication to responsible resource management, Cenovus Energy continues to shape the future of the energy industry in Canada and beyond.
+7 vs industry average
Cenovus Energy’s score of 26 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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Industry Intensity
Gas/Diesel Oil has above-average carbon intensity
Industry performance
The Gas/Diesel Oil industry has reduced its overall emissions by 41% since 2019
Emissions trajectory 2020 – 2025
Reported emissions
Scope 3 accounts for ••• of total emissions.
Cenovus Energy's reported carbon emissions
In 2022, Cenovus Energy, headquartered in Canada, reported total carbon emissions of approximately 19.8 billion kg CO2e. This total includes 16.3 billion kg CO2e from Scope 1 emissions, 1.8 billion kg CO2e from Scope 2 emissions, and significant contributions from Scope 3 emissions, particularly 208.6 billion kg CO2e from the use of sold products. Cenovus has set ambitious climate commitments, aiming for net-zero emissions by 2050. Additionally, the company has established a near-term target to reduce its absolute Scope 1 and 2 greenhouse gas emissions by 35% by the end of 2035, using 2019 levels as a baseline. This commitment reflects a proactive approach to addressing climate change and aligns with industry standards for sustainability. The emissions data is not cascaded from any parent organization, ensuring that the figures represent Cenovus Energy's direct impact. The company continues to focus on reducing its carbon footprint while maintaining transparency in its reporting practices.
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Cenovus Energy’s Climate Goals (2030 & 2050)
2 goals2035
35% reduction in all scopes
We have set a target to reduce our absolute scope 1 and 2 GHG emissions by 35 percent by year-end 2035 from 2019 levels
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
See all 2 climate goals
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Scope 3 top emissions categories
7 of 15 categories disclosedSee all scope 3 categories
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Emissions comparison with industry peers
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Cenovus Energy
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