Enbridge Sets New Environmental, Social and Governance Goals for the Future
November 06, 2020 at 07:00 AM EST
CALGARY, AB, Nov. 6, 2020 /PRNewswire/ - 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:
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."
Enbridge's ESG Goals
The specifics of these new and enhanced ESG goals and targets and associated backgrounder are available online and linked here. Enbridge's 2019 Sustainability Report is available at Enbridge.com
Meeting Emission Reduction Targets:
To meet its 2030 emission intensity reduction target and 2050 net zero target, Enbridge will pursue multiple pathways, strongly aligned with, and embedded in, the Company's existing business plans, including:
Safety: Our Path to Zero
Enbridge currently has safety targets in place that are linked to compensation. The Company believes all injuries, incidents and occupational illnesses are preventable and pursues continuous improvement towards a goal of zero incidents.
Enhanced 2021 targets include:
Enbridge's goals for representation of women, racial and ethnic groups, people with disabilities and veterans were set and shared with employees in 2018; progress towards them is shared through a "Diversity Dashboard". Having already made progress, the Company is accelerating its goals from an original date of 2028 to 2025, and sharing them publicly, enhancing transparency and accountability to all stakeholders.
The Company is also committing to specific measures to ensure a more equitable and inclusive workplace through changes in recruitment, development and succession planning to unconscious bias training for all employees. The Company will also be taking steps to increase procurement with diverse suppliers and suppliers that promote diversity and inclusion, as well as add to its continuing efforts to contribute to Indigenous reconciliation through enhanced hiring efforts, cultural awareness training and economic participation.
The table below provides a brief overview of these social goals:
Board diversity has long been a priority, supported by a written policy that highlights the importance the Company places on diversity and experience. Enbridge is expanding its diversity policy to establish specific representation goals for women and racial and ethnic groups: 40% from women and 20% from racial and ethnic groups. Of its 10 independent Board members, four are currently women; and women chair four of the five Board committees.
Similarly, the Company has reported its sustainability efforts and progress on ESG matters for 19 years. Enbridge will continue to align its reporting with best practices as outlined by disclosure frameworks such as those set out by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosure (TCFD). Commitments related to Enbridge's cyber defense program reflect an ongoing cybersecurity effort that includes application security, information security, network security, disaster recovery planning, operational security and end-user education.
The achievement of near-term emissions reduction and diversity and inclusion goals – along with ongoing safety, environmental protection and cyber security performance – will be incorporated into incentive compensation at the executive level and for all employees.
The table below provides a brief overview of these governance goals:
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of our and our 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", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target", "goal" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including strategic priorities; our environmental, social and governance (ESG) goals and targets related to greenhouse gas emissions reduction, safety performance and standards, diversity and inclusion, procurement practices, Indigenous reconciliation efforts, ESG reporting and cyber defense programs; the pathways to achieve such ESG goals and targets; and our incentive compensation programs.
Although we believe 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 and risks include the following: the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy, including the current weakness and volatility of such prices; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; availability and price of labor; technology; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; and governmental legislation and policy. 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 our services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which we operate and may impact levels of demand for our 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.
Our forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities and ESG goals, operating performance, regulatory parameters, changes in regulations applicable to our business, acquisitions, dispositions and other transactions, economic and competitive conditions, technology, public opinion, exchange rates, interest rates, commodity prices, political decisions, supply of and demand for commodities, and the COVID-19 pandemic and the duration and impact thereof, including, but not limited, to those risks and uncertainties discussed in this news release and in our 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 our 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 Inc. assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
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SOURCE Enbridge Inc.