Enbridge's ESG Commitments Earn Favorable Attention From Sustainability Rankings

Tapped by S&P Global Ratings, DJSI and Carbon Disclosure Project as an energy industry leader

SOURCE: Enbridge

DESCRIPTION:

In November, Enbridge became the largest company in North America’s oil industry—and the first midstream energy company in Canada—in committing to net-zero greenhouse gas emissions by the year 2050.

With the announcement, Enbridge joins energy-industry counterparts such as Royal Dutch Shell and BP in setting similar environmental, social and governance (ESG)-related pledges, and is earning positive attention from sustainability ratings agencies as a result.

Between late November and early December, Enbridge was named among midstream energy leaders in an ESG evaluation from S&P Global Ratings, rejoined the North American index of the Dow Jones Sustainability Indices (DJSI), and earned a favorable review from the Carbon Disclosure Project (CDP), an international environmental ratings non-profit.

“Enbridge has long considered environmental and social factors, along with strong governance and accountability, to be foundational to achieving our strategic priorities and ensuring the long-term sustainability of our company,” says Enbridge President and Chief Executive Officer Al Monaco. “We strive for industry leadership in all that we do, and are well-positioned to be a partner in the safe, reliable and sustainable delivery of energy for decades to come.”

To meet our 2050 net-zero target, and our 2030 emissions reduction target of 35%, Enbridge will actively pursue cleaner energy delivery via multiple avenues:

  • Modernization, technology and innovation improvements on existing infrastructure to reduce emissions intensity.
  • Building and operating renewable “self-power” generation facilities to reduce emissions related to the energy consumed by our operations.
  • Gradual investment in lower-carbon projects and businesses.
  • Purchasing and retaining renewable energy credits and selective investment in nature-based solutions and offsets.

On Nov. 23, Enbridge was named to the DJSI’s North American index for 2020—the 13th time we’ve earned a place on that list since 2005. Enbridge has also previously been named to the DJSI World index nine times.

On Dec. 8, S&P Global Ratings gave Enbridge a score of 75, remarking: “Environmental and social responsibility, together with integrity and diversity, are prominent values and purposes at Enbridge. Enbridge’s mission is to be the leading energy delivery company in North America. Central to achieving this mission is its focus on safety, operational reliability, and the environment to ensure that the needs of all stakeholders are met, and Enbridge continues to be a good citizen within the communities in which it operates.”

And on Dec. 8, the CDP released its 2020 questionnaire results—giving Enbridge a grade of A-minus for climate change and a B-minus for water security.

“That’s not perfect—nor does it put us on the ‘A list’— but it is among the very best in the oil and gas sector, and we’re committed to taking the actions to get even better and to being a part of the energy transition,” says Mike Fernandez, Enbridge’s Senior Vice President of Public Affairs, Communications and Sustainability.

Tweet me: In November, @Enbridge became the largest company in North America’s oil industry — and the first midstream energy company in Canada — in committing to net-zero greenhouse gas emissions by the year 2050. https://bit.ly/3nueK9Z

KEYWORDS: NYSE:ENB, Enbridge

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