Net zero target by 2050; 35% reduction in greenhouse gas emissions intensity by 2030
Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced expanded environmental, social and governance (ESG) goals and targets1 related to greenhouse gas (GHG) emissions reduction and diversity and inclusion as well as increasing transparency and accountability of our ESG priorities and results. Setting goals in areas core to our business and stakeholders is just one of the ways Enbridge is further integrating ESG into strategy, operations and decision-making.
“Sustainability is integral to our ability to safely and reliably deliver the energy people need and want,” said Al Monaco, President and Chief Executive Officer of Enbridge. “How well we perform as a steward of our environment, a safe operator of essential energy infrastructure, and as a diverse and inclusive employer is inextricably linked to our business success and our ability to create long-term value for all stakeholders.
“While ESG has garnered more attention in recent years, Enbridge’s commitment to strong ESG practices and performance has long been core to how we do business and we’re proud to be recognized as a leader. Our new commitments represent the next stage of our progression to ensure we are positioned to grow Enbridge sustainably for decades to come.”
Enbridge’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 our 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
- Most transparency and reporting of safety and reliability targets that drive continuous improvement towards our goal of zero incidents, injuries and occupational illnesses, and implementation of robust cyber defense programs
Enbridge’s ESG goals support the Company’s strategic 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, building on the Company’s significant expansion into natural gas and our rapidly growing renewables portfolio.
To drive results and accountability, 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.
“We are committed to delivering strong ESG performance that sustains our industry leadership,” said Al Monaco. “In linking a broader set of ESG goals to compensation, we not only achieve greater accountability, we put ourselves in position to succeed in transitioning to a safer, cleaner and affordable energy future.”
Source: Company Press Release