Five of Canada’s largest oil sands producers operating 90% of oil sands production, including Suncor Energy, Canadian Natural Resources, Cenovus Energy, Imperial, and MEG Energy, today announced the Oil Sands Pathways to Net Zero initiative (the Initiative). The Initiative aims to work collectively with the federal and Albertan governments to reach net zero greenhouse gas (GHG) emissions from Canadian oil sands operations by 2050 and help Canada to meet its Paris Agreement and 2050 net zero commitments.  This bulletin provides key highlights from the announcement. Carbon Capture, Utilization and Storage. The Initiative proposes collaborating with industry and government to create a Carbon Capture, Utilization and Storage (CCUS) CO2 trunkline system connecting oil sands facilities in the Fort McMurray and Cold Lake regions to a sequestration hub in Cold Lake with the potential for future links to the Edmonton region, modeled on similar systems in Norway and CCUS projects in the Netherlands, U.K., and U.S. Investment. The Initiative will require significant investment by industry and government in research and development for new and emerging technologies, such as direct air capture, aimed at reducing and removing GHG emissions as well as deploying GHG reduction technology, including hydrogen, process improvements, energy efficiency, fuel switching, and electrification. Indigenous Partnerships. The Initiative will seek to partner and work with the federal and Alberta governments, to ensure that local Indigenous communities benefit from both emissions reductions and Canadian resource development. For further information or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com.

Yesterday, over 99% of Unilever shareholders voted in favour of a non-binding resolution supporting the company’s Climate Transition Action Plan (the “Plan”). The Plan sets a target of achieving net-zero by 2039 for each and all of Scope 1, 2, and 3 emissions. The Plan sets the following targets: Net-zero by 2039 across Scope 1, 2, and 3 emissions; 70% reduction against a 2015 baseline in Scope 1 and 2 emissions by 2025 and 100% reduction by 2030; 1.5oC aligned Science Based Target; Cut the footprint of products in half by 2030 against a 2010 baseline; and €1 billion for a Climate and Nature Fund To achieve the goals and targets of the Plan, Unilever is undertaking, among others, the following actions: 100% reusable, recyclable, or compostable plastic packaging by 2025; By 2030, electric vehicles will make up 100% of Unilever’s global car fleet; 100% renewable grid electricity (achieved in 2020) and heat by 2030; phase out high-impact HFC refrigerant from cooling systems; align capital expenditure with their 1.5oC pathways; €1B target for annual sales of plant-based meat and dairy alternative by 2025-2027; 60% reduction of product emissions through concentration and compaction; Replace fossil-fuel derived carbon with renewable or recycled carbon by 2030 in home care formulations; and Help protect and regenerate 1.5 million hectares of land, forests, and oceans by 2030. In addition, as part of the Plan, Unilever will begin to disclose the carbon footprint of every product is sells. Please contact Lisa DeMarco at lisa@resilientllp.com should you wish to discuss the contents of this bulletin.