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Response to Pembina Institute’s report: “Getting on Track”

March 1, 2022

Al Reid, Director of The Oil Sands Pathways to Net Zero Alliance, issued the following statement in response to the Pembina Institute’s report “Getting on Track”:

“The Oil Sands Pathways to Net Zero Alliance has reviewed the Pembina Institute’s recent report ‘Getting on Track’ about the need to reduce emissions in Canada’s oil sands. The oil sands represent about 10 per cent of Canada’s greenhouse gas emissions and we will play a key role in helping the country meet its climate goals.

“We appreciate the Pembina Institute’s acknowledgment that meeting our plan to achieve net zero emissions from production by 2050 would represent a significant contribution to Canada’s climate strategy. It also notes that well-designed targeted government support is needed to develop emissions-reduction technologies of the future.

“The Pembina Institute also highlighted the challenges related to reducing emissions and we agree it won’t be easy. That’s why the Pathways Alliance has embarked on unprecedented collaboration among Canada’s oil sands producers to address climate change. It’s one of the greatest challenges of our time and there is no single path to net zero for the oil sands.

“To help Canada meet its climate goals, we have a three-phase plan with short-term steps, to ensure immediate progress to reduce carbon emissions.

“Although we don’t agree with all aspects of the report, we look forward to meeting with the Pembina Institute to learn more about it and to share the progress we’re making. That includes working to advance our foundational project, a world-leading carbon capture network in Alberta that will help us to deliver on our Phase 1 goal to significantly reduce emissions by 2030.”

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Cautionary Statement: Statements of future events or conditions in this press release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as achieve, aspiration, believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, forecast, vision, strategy, outlook, schedule, future, continue, likely, may, should, will and/or similar references to outcomes in future periods. Forward-looking statements in this press release include, but are not limited to, references to the viability, timing and impact of the Oil Sands Pathways to Net Zero initiative collaboration and the development of pathways in support of a net-zero future; support for the pathways from the Government of Alberta and the Government of Canada; the ability to enable net zero emissions from oil production and preserve economic contribution from the industry; the continued role of fossil fuels as part of a diversified energy mix; and the deployment of technologies to reduce GHG emissions, such as CCUS, process improvements, energy efficiency, fuel switching, electrification, infrastructure corridors and new emissions-reducing technologies. All net-zero references in this announcement apply to emissions from oil sands operations (defined as scope 1 and scope 2 emissions).

Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including expectations and assumptions concerning: demand growth and energy source, supply and mix; amount and timing of emissions reductions; the adoption and impact of new facilities or technologies, including on reductions to GHG emissions; project plans, timing, costs, technical evaluations and capacities, and the ability to effectively execute on these plans and operate assets; that any required support for the pathways from the Government of Alberta and the Government of Canada will be provided; applicable laws and government policies, including climate change and restrictions in response to COVID-19; production rates, growth and mix; general market conditions; and capital and environmental expenditures, could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and the resulting price, differential and margin impacts; political or regulatory events, including changes in law or government policy and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies; lack of required support from the Government of Alberta and the Government of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and GHG regulation and changes to such regulation; availability and allocation of capital; availability and performance of third-party service providers; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; reservoir analysis and performance; unexpected technological developments; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; operational hazards and risks; general economic conditions, including the occurrence and duration of economic recessions; and other factors referenced by the companies’ in their most recent respective annual reports and management’s discussion and analysis, as applicable.

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