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.  

Operations 

Each ConocoPhillips business unit is responsible for identifying and monitoring near- and medium-term climate-related risks and opportunities and integrating sustainability issues, as appropriate, into day-to-day operations, project development and decision making. Business Units participate in our internal HSE auditing program as well as an annual goal-setting process that includes the Climate Change Action Plan to mitigate risks and a GHG emissions intensity target; they report progress to the ELT. 

The SD team leads the Climate Change Issues Working Group (CCIWG), an internal, global, cross-functional group for knowledge sharing among business units and functions. Subject matter experts from the business units are members of the CCIWG, which meets quarterly to discuss climate-related risk, including: 

• Internal activities to address climate-related risks and opportunities, including energy efficiency and operational emissions reduction projects. 
• Developments in operational emissions reduction technology. 
• The outlook for GHG prices that might impact our operations. 
• Climate-related long-range planning issues. 
• Legislative and regulatory actions and related activities and positions of trade associations. 
• Emerging climate-related risks. 

The objective of the CCIWG is to share key climate-related risk learnings across the company, identify issues and work to resolve them as they arise. The CCIWG also provides input from subject matter experts on climate-related processes, procedures and issues prior to review by the SDLT.