EmilyHolbrook
(Credit: Pixabay)
Enbridge, a Canadian energy transportation company, recently announced expanded environmental, social and governance (ESG) goals and targets. The company's ESG goals include:
- A new goal to achieve net zero GHG emissions by 2050; with an interim target to reduce GHG emissions intensity 35% by 2030
- Increased representation of diverse groups within its workforce by 2025, including acceleration of existing goals of 28% from racial and ethnic groups, along with new actions to enhance supplier diversity
- Further strengthening board diversity with an increased goal of 40% representation of women and new goal of 20% of racial and ethnic groups by 2025
Enbridge says its ESG goals support priorities to optimize its core energy delivery businesses and execute on the company's capital program with emphasis on modernization, technology, and innovation. They also contribute to strengthening Enbridge's ability to capture new growth opportunities and adapt to a lower-carbon future over time.
Enbridge will expand links to incentive compensation to performance on emissions reduction and diversity, complementing safety metrics already embedded. Objectives will be set out in annual scorecards.
Enbridge's New Environmental Goals
The specifics of these new and enhanced environment goals are as follows:
- Reduce the intensity of GHG emissions from operations 35% by 2030
- Achieve net zero emissions from business by 2050
Meeting Emission Reduction Targets:
To meet its 2030 emission intensity reduction target and 2050 net zero target, Enbridge will pursue multiple pathways, including:
- Modernization and Innovation — Reduce emissions by modernizing equipment and applying innovation to existing energy transportation and distribution systems to increase efficiency and reduce the emissions intensity of existing infrastructure.
- Decarbonizing Energy Use — Reduce emissions intensity of electricity purchased, including building and operating solar power generation facilities to serve Enbridge's operations and utilizing lower intensity power sources from the grid.
- Investment in Renewables and Lower Carbon Energy — Disciplined investment in lower carbon infrastructure and business lines, including wind and solar power generation, hydrogen, and renewable natural gas.
- Offsets and Carbon Credits — Balance residual emissions through procurement of carbon offset credits generated by nature-based solutions and Renewable Energy Certificates (RECs), with a primary focus on areas proximate to operations.
