RETI, Reconciliation Energy Transition Inc., a new energies developer, announced this Wednesday it has partnered with Shell Canada for the Polaris Carbon Capture project. The two companies signed a memorandum of understanding to collaborate on the proposed project.
Firstly, under the MoU, RETI will work with its First Nations Partners to raise funds for a potential agreement to acquire an equity position in the Polaris project. RETI’s mother company, Project Reconciliation (PRI), has a vision of Indigenous generational wealth.
To execute such a vision, the company has the support of the Indigenous Sovereign Wealth ESG Fund 1; which will champion investments in low-carbon clean energy projects, such as Polaris. The company would fund Polaris, or other projects, through special-purpose Limited Partnerships.
In addition, such Partnerships would include equity loans for First Nations Partners, in turn providing material ownership for First Nations. Consequently, the investments will support environmental stewardship and create pension-like intergenerational wealth.
Consequently, the partnership intends to support a clear path towards healing, respect, and self-determination for participating First Nations.
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RETI secures critical partnership for First Nations
On the other hand, like any other MoU, the agreement is non-binding; however, for the Polaris project and for Shell Canada represents a genuine opportunity to strengthen its ESG agendas.
About such matter, Robert Morin, Member of Enoch Cree Nation, and Chairman of Project Reconciliation, said. “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.”
He also commented. “These alliances are an important step in achieving our vision of Indigenous economic sovereignty and self-determination.”
Furthermore, Stephen Mason, Chairman & CEO of RETI, remarked. “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.”
Additionally, Chief Calvin Bruneau, Papaschase First Nation, said. “We welcome this opportunity to protect our environment; to take climate action through Project Reconciliation’s vision and Shell’s commitment to environmental leadership.”
Finally, he noted. “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.”