Woodfibre LNG accelerates Canada�s pathway to net zero

West coast project will be the first LNG export facility in the world to achieve net zero emissions

SQUAMISH, CANADA – Media OutReach – 28 March 2023 – Woodfibre LNG is proud to announce its Roadmap to Net Zero, a tangible plan to achieve net zero emissions by the time operations start in 2027, 23 years ahead of government regulation. This roadmap will see Woodfibre LNG be the first LNG export facility in the world to achieve net zero, and includes commitments to be net zero both through the construction stage of the Project and during operations. Woodfibre LNG is member of the Pacific Energy group of companies.

This fast-tracked timeline exceeds the federal requirement to be net zero by 2050, while providing benefits to local First Nations, British Columbians, and Canadians. The Project’s net zero roadmap follows the B.C. Government’s announcement of a new Energy Action Framework, requiring proposed LNG facilities in or entering the environmental assessment process to develop and submit a credible plan to be net zero by 2030.

“Woodfibre LNG’s roadmap prioritizes emissions avoidance and reduction opportunities, and we are proud to have a credible strategy in place that will make us the world’s first net zero facility,” said Christine Kennedy, President of Woodfibre LNG. “Alongside the leadership and vision set out by the Province’s new Energy Action Framework, achieving net zero allows Woodfibre LNG to advance the global energy transition, furthering economic reconciliation and contributing to British Columbia’s standard of living.”

Woodfibre LNG is able to achieve net zero in part because of early stage decisions aligned with the Indigenous led environmental assessment process conducted by the Squamish Nation, which resulted in the Nation’s own environmental assessment agreement related to the Project in 2015. Among these was the commitment for electric compressors using renewable hydroelectricity from BC Hydro, resulting in 14 times fewer emissions than a conventional LNG facility.

Woodfibre LNG was already designed to be the lowest carbon intensive LNG export facility in the world, with an annual emissions profile of 83,374 tonnes of CO2e annually, and a carbon intensity of 0.04 (tonne of carbon dioxide equivalent [CO2e] per tonne of LNG), below the Provincial benchmark of 0.16.

The company’s net zero roadmap commits to implementing certain GHG reducing technologies, and outlines incremental opportunities to reduce emissions further as technologies develop and become more affordable.

As part of its net zero roadmap, Woodfibre LNG will also offset emissions during the construction phase of the Project. Woodfibre LNG has secured carbon credits from Cheakamus Community Forest, which is a nature-based carbon offset project in Whistler, where the Squamish Nation, Lil’Wat Nation and Resort Municipality of Whistler are partners. In addition, Woodfibre LNG has procured carbon credits from BigCoast Forest Climate Initiative for hard-to-abate emissions during operations. BigCoast Forest Climate Initiative is a nature-based, forest preservation project located in coastal British Columbia that has partnerships with over 25 First Nations.

Woodfibre LNG’s robust strategy has been independently validated by a Canadian climate engineering firm, Brightspot Climate Inc.

Woodfibre LNG’s net zero roadmap is consistent with Canada’s Methane Strategy and draft guidance for best-in-class GHG emissions performance by oil and gas projects. The roadmap is a living document that will be updated on an annual basis to integrate efficiency improvements, new technologies, and evolving industry practices to reflect the evolving net zero industrial and regulatory landscape.

“Woodfibre LNG’s announcement comes at a time when global trading partners, such as Japan, are calling on the Government of Canada to provide a reliable, sustainable source of LNG to support global energy demands. The Woodfibre LNG Project has a critical role to play in demonstrating that British Columbia and its diversified portfolio of energy offerings can contribute to a low carbon future, both at home and abroad”, said Ratnesh Bedi, President of Pacific Energy.

Review Woodfibre LNG’s Roadmap to Net Zero at www.woodfibrelng.ca/emissions.

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The issuer is solely responsible for the content of this announcement.

About Woodfibre LNG

The Woodfibre LNG Project is owned and operated by Woodfibre LNG Limited Partnership, a privately held Canadian company based in Vancouver, British Columbia held 70 per cent by Pacific Energy Canada and 30 per cent by Enbridge. Woodfibre LNG Limited is the owner of the former Woodfibre pulp mill site, which is located about seven kilometers southwest of Squamish, B.C.

Woodfibre LNG will source its natural gas from Pacific Canbriam Energy, a Canadian company with operations in Northeastern British Columbia. Pacific Canbriam is an industry leader in sustainable natural gas production. Woodfibre LNG and Pacific Canbriam Energy are subsidiaries of Pacific Energy Corporation Limited. Woodfibre LNG is the first industrial project in Canada to recognize a non-treaty Indigenous government, Sk?wx?wu?7mesh �xwumixw (Squamish Nation), as a full environmental regulator.

About Pacific Energy

Pacific Energy, which is part of the Singapore-based RGE group of companies, is an independent energy resources development company focused on helping North America and growing Asian economies meet their increasing energy requirements. The company strategy is to invest, develop, build, own and operate innovative and cost-competitive projects throughout the energy value chain, while maintaining constant attention to our role as a responsible corporate citizen.