Good afternoon, Mr. Chair and members of the committee.
Every day that Imperial carries out business across the country, including in this meeting, we do so on the traditional territories of first nations, Métis and Inuit, who have lived on and cared for these lands for centuries. I, along with Imperial, come here today fully committed to our reconciliation journey.
Imperial produces oil and gas, and manufactures petroleum products that are essential to Canada's energy security needs and vital to improving the standard of living for all Canadians, while significantly benefiting the Canadian economy in the form of job creation and supporting federal and provincial treasuries with substantial tax and royalty revenues.
Recent years have highlighted the importance of both doing our part to provide energy supply security and taking action to reduce emissions in support of a net-zero future, while growing value for our shareholders and other stakeholders. Imperial has worked diligently on emissions reduction road maps and business plans to lower greenhouse gas intensity in our operations and provide lower life-cycle emissions product solutions to our customers. Our decarbonization strategy includes lowering intensity and absolute emissions at our upstream and downstream assets, lowering the emissions intensity of products for our customers, and launching a low-carbon solutions business to help others decarbonize in hard-to-abate sectors.
I'm pleased to share that Imperial has implemented a company-wide goal to achieve net-zero scope 1 and scope 2 emissions from operated assets by 2050 through technology advancements and collaboration with government and industry partners. Building on our previous success in reducing greenhouse gas intensity in operated oil sands facilities by more than 20% between 2013 and 2016, Imperial aims to further reduce the greenhouse gas intensity of these assets by 30%, compared with 2016 levels, by the end of 2030. I'm pleased to note that we've already achieved approximately a 10% reduction in year-end greenhouse gas emissions intensity, compared with 2016.
The company is making significant progress and plans to achieve this reduction through many initiatives, including energy efficiency improvements, next-generation solvent technologies at our Cold Lake operation, using renewable diesel in our mining fleet at Kearl, and carbon capture and storage as part of our collaboration with the Pathways Alliance. Last month, we started production at our Grand Rapids project at Cold Lake using technology expected to reduce greenhouse gas emissions intensity by up to 40% compared with traditional methods. We are also piloting other technologies that could reduce greenhouse gas emissions intensity by up to 90% over traditional recovery methods.
Right now, we are building Canada's largest renewable diesel project at our Strathcona refinery in Edmonton, which, starting next year, will produce more than one billion litres of renewable diesel annually from locally sourced agricultural feedstocks. This renewable diesel will help reduce emissions for our customers by about three million metric tonnes per year. We are investing $720 million in this facility, which has created 600 construction jobs and could be foundational for creating a low-carbon hydrogen value chain in Alberta.
Imperial is exploring the potential for lithium from brine extraction, with an eye to creating a domestic supply chain of a key critical mineral for use in EV batteries. We have also tested bio-based co-processing at our refineries to deliver carbon-intensity reductions in our finished products. For greater detail on these initiatives, Imperial has shared the latest “Advancing Climate Solutions” report with the committee.
Over Imperial's 140-plus-year history, some business fundamentals have not changed. The investments we make are long term, and we operate in a global market that is subject to the cyclical nature of commodity prices. This cycle results in good years, including 2022, which was our most profitable. But that followed 2020, which was our least profitable, when Imperial reported a net loss of over $1.8 billion. Through it all, though, Imperial has steadfastly—