Governance of net-zero operational emissions ambition

In 2022, we established a governance structure and decision framework to operationalize and achieve our net-zero operational emissions ambition through business planning, collaboration, project execution, technology advancement and innovation that complements our Sustainable Development governance structure and decision framework. The Net-Zero Executive Council (NZEC) and Net-Zero Leadership Team (NZLT) will provide direction and decision making necessary to properly resource and execute actions to achieve our net-zero ambition. Our executives’ engagement and ownership of these efforts will drive accountability and action across the company. 

NZEC provides oversight and direction on enterprise-wide strategies, policies and progress toward achieving our net-zero operational emissions ambition and interim emissions reduction targets. With coordinated membership and timing, NZEC and SPEC meet regularly to align net-zero objectives with our Climate Risk Strategy and external commitments. Responsibilities include: 

• Setting strategic priorities relating to emissions reductions efforts, including goal setting, pace of execution and progress. 
• Approving annual MACC budget, informed by the Net-Zero Operational Emissions Program. 

NZLT, whose membership includes BU presidents and leaders within LCT, HSE, Global Technical Functions, SD, IT, Planning and Development, Legal and Public Policy, provides oversight on operationalizing the net-zero operational emissions ambition in our BUs and provides functional support and subject matter expertise. The NZLT addresses tactical implementation issues and decisions relating to BU-level target setting, ensuring alignment with corporate targets. Responsibilities include: 

• Establish goals aligned with BU emissions reduction programs, corporate targets and strategy. 
• Drive accountability, alignment, focus and action for execution. 
• Champion BU strategy and endorse potential BU roadmaps. Read more in the Operational Net Zero Roadmap section. 
• Drive alignment and set consistent messaging across the organization. 

NZEC and NZLT are also supported and advised by the cross-functional Net Zero Advisory Council (NZAC). NZAC are partners for collaboration alongside Low Carbon Technologies to: 

• Provide input to MACC process for clarity and observability to potential pathways to net-zero by 2050. 
• Work with internal teams to address and articulate potential capital and resource requirements for meeting our operational net zero ambition. 
• Engage with internal stakeholders to ensure emissions reduction strategies are embedded into our core ConocoPhillips culture. 
• Ensure we have the right tools and process to plan, execute and track our emissions reductions efforts within a flexible framework responsive to shifts in regulations and technology.