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Statement: Pathways Alliance responds to Emissions Reduction Plan

March 29, 2022

March 29, 2022, CalgaryKendall Dilling, Interim Director of the Oil Sands Pathways to Net Zero Alliance issued the following statement in response to the federal government’s tabling of the Emissions Reduction Plan today in the House of Commons:

“Today’s release of the Emissions Reduction Plan (ERP) presents an ambitious challenge for all Canadian industries. The Pathways Alliance will continue its efforts to work collaboratively with governments to help Canada achieve its climate goals and ensure our country can be the world’s preferred supplier of responsibly-produced energy.

“We recognize climate change is a critical challenge of our time, and that our industry has an essential role to play in helping our country meet its climate goals.

“The Pathways Alliance took the initiative last year to announce our own unprecedented plan to achieve net zero emissions by 2050, with an interim goal of reducing oil sands production emissions by 22 megatonnes (MT) by 2030.

“We are already working closely with the government to achieve net zero, and we will review the ERP in detail to see how it aligns with our own plans. Although there are differences between the ERP and our plan, it’s clear we agree on the need to reduce emissions significantly by 2030 and that collaboration is essential for us to meet our goals. Together, we can show the world Canada’s leadership in addressing climate change.

“We also need to recognize the time required to build the infrastructure, deploy the necessary technology, secure appropriate regulatory approvals, and implement economic incentives to achieve these reductions.

“With the 2030 milestone only eight years away, we need realistic and achievable goals, to maintain and attract needed investment in Canadian energy and technologies to reduce emissions. While we recognize the federal government’s ambition to drive even faster results, the Pathways Alliance has been clear that the interim goals set for our industry must be flexible, realistic and achievable.

“Our unprecedented alliance of six oil sands companies is pursuing a variety of new approaches and innovative solutions and we have outlined an ambitious and achievable plan to meet our goal. That includes our foundational project to design and construct a world-leading carbon capture and storage network in Alberta.

“We’re pleased the ERP recognizes the Pathways Alliance as positive industry leadership and reaffirms the government’s commitment to developing an investment tax credit to encourage the development and deployment of carbon capture technologies.

“With positive industry and government collaboration, Canada has an incredible opportunity to help provide for global energy security while being a leader in producing clean energy.”

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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.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the companies. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. The companies undertake no obligation to update any forward-looking statements contained in this press release, except as required by applicable law.