Canada’s Enbridge Sets Net-Zero Aspiration
North American pipeline infrastructure developer Enbridge says it intends to achieve net-zero greenhouse gas (GHG) emissions by 2050, with an intermediate target to reduce GHG emissions intensity by 35% by 2030.
The aspirational net-zero goal is a highlight of expanded ESG (environmental, social and governance) targets and goals announced by Enbridge November 6, alongside its Q3 2020 financial results, which showed a slight increase in net earnings but a slight decrease in adjusted earnings.
“Sustainability is integral to our ability to safely and reliably deliver the energy people need and want,” Enbridge CEO Al Monaco said. “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.”
Other ESG goals include increasing diversity in its workforce, strengthening board diversity with a target of 40% female representation and 20% representation of racial and ethnic groups by 2025 and continuous transparency and improvement of safety metrics, both physical and cyber.
To achieve its GHG emission goals, Enbridge says it will focus on modernisation and innovation within its existing energy transportation and distribution systems and decarbonise energy use at its facilities. In October, it commissioned a 2.25-MW solar array at its Lambertville compressor station on the Texas Eastern Transmission system in New Jersey.
Enbridge said it will also continue to make investments in renewable and low-carbon energy and balance residual emissions through the procurement of carbon offsets generated by “nature-based solutions” and renewable energy certificates. Work continues on a pair of offshore wind projects in France, a 480-MW project at Saint Nazaire and a 500-MW installation at Fecamp, and a final investment decision on a third project in France is expected in 2021, it said in its Q3 earnings release.