Company outlines progress against goals and plans for
continuous improvement in areas of ESG
CALGARY,
AB, June 22, 2022 /CNW/ - Enbridge Inc.
(Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today published
its 21st annual Sustainability Report (Report), offering
stakeholders information about the Company's continuous improvement
in areas of environment, social, and governance (ESG)
performance.
"In many ways, when Enbridge announced the company's ESG goals
in 2020, it galvanized our organization's progression as a
company," said Pete Sheffield,
Enbridge Vice-President and Chief Sustainability Officer. "The 2021
Sustainability Report shows the tangible progress we're making on
the ESG goals we set for ourselves. We knew they were ambitious but
we are up to the challenge and our early progress demonstrates our
commitment."
Enbridge has long considered environmental and social factors,
along with strong governance and accountability to be foundational
to its success and 2021 was pivotal in this regard. Enbridge was
the first midstream company in Canada to commit to achieving net-zero
greenhouse gas (GHG) emissions by 2050 and to help achieve this
goal, the Company set the interim target of reducing its emissions
intensity 35% by 2030. To hold itself accountable, Enbridge has
linked achievement of the goals to executive and employee
compensation and issued $3 billion in
sustainability-linked bonds that tie borrowing costs to delivering
on emission reduction targets.
This year's Report is online, user-friendly and interactive. It
reports progress against the ESG goals Enbridge announced in late
2020, including plans to reduce greenhouse gas emissions and
increase diversity within the workforce.
The Report also provides for the first time, in accordance with
the Task Force on Climate-Related Financial Disclosure, a net-zero
scenario analysis to test the resiliency of Enbridge's business
against holding global warming to 1.5C above preindustrial levels.
This important evaluation validates Enbridge's diversified energy
mix, early entry into lower-emission investments, and financial
strength, which create strategic optionality that positions
Enbridge to be resilient under any scenario.
Enbridge leads its sector in tracking and reporting Scope 3
emissions, including metrics that track the emission intensity of
the energy it delivers and the impact low-carbon investments have
had on global emissions. Enbridge is committed to continuing to
work with third-parties to improve frameworks for reporting these
kinds of emissions.
Report highlights:
Emissions
- Goal: Reduce GHG emissions intensity 35 per cent by
2030: Progress: Reduced emissions intensity by 27 per cent
from a 2018 baseline, including a two per cent reduction in
2021.
- Goal: Net-zero GHG emissions by 2050. Progress:
20 per cent reduction in absolute greenhouse gas emissions through
2021 from a 2018 baseline.
Workforce and Board of Director diversity and inclusion by
2025
- Goal: 28 per cent racial and ethnic minority groups
across the Enbridge workforce by 2025. Progress: 23 per cent
through 2021.
- Goal: 3.5 per cent Indigenous representation within the
workforce by 2025. Progress: 2.2 per cent through 2021.
- Goal: 40 per cent women representation on the Board of
Directors and 20 per cent racial and ethnic group representation on
the Board of Directors by 2025. Progress: 33 per cent women
on the Board of Directors and 33 per cent racial and ethnic
groups.
- Goal: Greater awareness of the need for diversity,
equity, and inclusion. Progress: Unconscious bias and
anti-racism training completed for all employees in 2021; 100 per
cent of employees to receive Indigenous cultural awareness training
by the end of 2022.
Click here to see the full Enbridge 2021 Sustainability
Report.
Enbridge Forward-Looking Information
Forward-looking information, or forward-looking statements,
have been included in this news release to provide information
about Enbridge Inc. ("Enbridge" or the "Company") and its
subsidiaries and affiliates, including management's assessment of
Enbridge and its subsidiaries' future plans and operations. This
information may not be appropriate for other purposes.
Forward-looking statements are typically identified by words such
as ''anticipate'', ''expect'', ''project'', ''estimate'',
''forecast'', ''plan'', ''intend'', ''target'', ''believe'',
"likely" and similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information or statements in
this news release include statements with respect to energy
transition, including Enbridge's approach thereto; environmental,
social and governance (ESG) goals and targets, including those
related to greenhouse gas (GHG) emissions reduction, and diversity,
equity and inclusion; our plans to achieve our ESG goals and
targets and to monitor and report our progress thereon; expected
resiliency of our assets and growth opportunities under climate
change scenarios; and our plans to continue to work with
third-parties regarding Scope 3 emissions.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements. Material assumptions
include assumptions about the following: energy transition
including the drivers and pace thereof; the expected supply of,
demand for, and prices of crude oil, natural gas, natural gas
liquids (NGL), liquefied natural gas (LNG) and renewable energy;
anticipated utilization of our existing assets; exchange rates;
inflation; interest rates; operational reliability and performance;
customer, regulatory and stakeholder support and approvals; changes
in legislation, regulations or government policy applicable to our
businesses; weather; litigation; impact of capital project
execution on the Company's future cash flows; credit ratings;
capital project funding; hedging program; financial strength and
flexibility; debt and equity market conditions, including the
ability to access capital markets on favorable terms or at all;
cost of debt and equity capital; economic and competitive
conditions; changes in tax laws and tax rates; the development and
performance of technology and new energy efficient products,
services and programs; long-term energy future scenarios; and
successful collaboration with partners and others to advance ESG
goals. Assumptions regarding the expected supply of and demand for
crude oil, natural gas, NGL and renewable energy, and the prices of
these commodities, are material to and underlie all forward-looking
statements, as they may impact current and future levels of demand
for the Company's services. Similarly, energy transition, including
the drivers and pace thereof, exchange rates, inflation and
interest rates impact the economies and business environments in
which the Company operates and may impact levels of demand for the
Company's services and cost of inputs, and are therefore inherent
in all forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one
assumption on a forward-looking statement cannot be determined with
certainty.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to those risks and
uncertainties discussed in this news release and in the Company's
other filings with Canadian and United
States securities regulators. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Enbridge's future course of action depends on management's
assessment of all information available at the relevant time.
Except to the extent required by applicable law, Enbridge assumes
no obligation to publicly update or revise any forward-looking
statements made in this news release or otherwise, whether as a
result of new information, future events or otherwise. All
subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
About Enbridge
At Enbridge, we safely connect millions of people to the
energy they rely on every day, fueling quality of life through our
North American natural gas, oil or renewable power networks and our
growing European offshore wind portfolio. We're investing in modern
energy delivery infrastructure to sustain access to secure,
affordable energy and building on two decades of experience in
renewable energy to advance new technologies including wind and
solar power, hydrogen, renewable natural gas and carbon capture and
storage. We're committed to reducing the carbon footprint of the
energy we deliver, and to achieving net zero greenhouse gas
emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares
trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn
more, visit us at enbridge.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.