Reconciliation Energy Transition Inc. (“RETI”) and Shell Canada Products (“Shell”) execute MOU to co-develop the Polaris Carbon Capture and Storage (“CCS”) Project.
CALGARY, AB, Oct. 13, 2021 – Reconciliation Energy Transition Inc. (“RETI” or the “Corporation” an affiliate company of Project Reconciliation “PRI”) is pleased to announce an executed Memorandum of Understanding (“MOU”) with Shell Canada Products (“Shell”) to collaborate on Shell’s proposed Polaris carbon capture and storage (“CCS”) project.
Under terms of the MOU, RETI will work with its First Nations Partners to raise funds for a potential agreement to acquire an equity position in the Shell-led Polaris CO2 storage hub concept.
Project Reconciliation’s vision of Indigenous generational wealth is supported by the Indigenous Sovereign Wealth ESG Fund 1 which will champion investments in low-carbon clean energy projects, such as Polaris. Funding for these projects will be made through special purpose Limited Partnerships which will include equity loans for First Nations Partners, in turn providing material ownership for First Nations. These investments will support environmental stewardship and create pension-like intergenerational wealth – thereby supporting the path towards healing, respect and self-determination for participating Nations.
The proposed Polaris CCS project is being developed on Treaty 6 lands and home to Papaschase First Nation.
Robert Morin, Member of Enoch Cree Nation, Chairman of Project Reconciliation:
“As Chairman of Project Reconciliation, I am proud of our partnership with Shell Canada, a leading energy provider in accelerating the transition to net-zero emissions through initiatives such as the Polaris Project. These alliances are an important step in achieving our vision of Indigenous economic sovereignty and self determination.”
Stephen Mason, Chairman & CEO of RETI and Managing Director of Project Reconciliation:
“RETI’s collaboration with Shell underlines that material partnerships between Indigenous Peoples and Corporate Canada are critical to the development of today’s infrastructure projects.”
Chief Calvin Bruneau, Papaschase First Nation:
“We welcome this opportunity to protect our environment and take climate action through Project Reconciliation’s vision and Shell’s commitment to environmental leadership. We are making progress towards official recognition by the federal government. Our partnership in this project is an important step towards being more recognized and respected on our traditional lands – while protecting it for our future generations.”
RETI’s focus is to develop new energy transition projects founded on material Indigenous equity ownership at the operating level. RETI’s strong engagement platform and governance structure is deeply aligned with PRI’s; created to accelerate Canada’s Indigenous generational wealth base where Indigenous people have meaningful oversight and economic participation in Canada’s evolving energy transition and decarbonization economy. RETI’s mandate emphasizes Free, Prior and Informed Consent (“FPIC”), with ESG performance as the foundation of its development strategy.
For further information: Jeremy Yee, President, Reconciliation Energy Transition Inc., (403) 819-2710, [email protected], www.PRI-RETI.ca