Feeding the Future

Expect strong emerging demand for clean ammonia As of March 2022, 33 countries along with the EU have set net-zero emissions targets, in accordance with the Paris Agreement. Major ammonia producers like China, India, and the US have net-zero emissions targets which will require industries to abate emissions moving forward. Key Demand Sources B Power Generation - Asia pacific has a goal to co- fire ammonia in coal power plants through incremental steps starting in late 2020's Marine Fuel - International Marine Organization (IMO) have committed to a 40% reduction in intensity by 2030, and 70% by 2050, driving the need for low/zero-carbon fuel alternatives - Hydrogen Europe, Japan and South Korea have stated policies for integration of hydrogen into their energy systems. Agriculture & Other - Potential for a premium to develop in agricultural markets for clean ammonia to be used to produce low-carbon food, fuel and fiber Clean Ammonia Demand Growth Potential¹ Million Tonnes Other Decarbonization Power Generation / Hydrogen Carrier Marine Fuel Initial demand Up to 26Mmt Long term growth Up to 90Mmt 2030 2040 1. 2021 Global merchant ammonia trade of approximately 18Mmt. Demand upside Up to 320Mmt 2050 22 Source: Argus, McKinsey, IHS, Climate Action Tracker, Nutrien

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