Enbridge Hosts Inaugural ESG Forum Highlighting Industry Leading Performance
CALGARY, AB, Sept. 28, 2021 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) will host its ESG Forum webcast today highlighting the Company’s industry leading approach to Environmental, Social, and Governance (ESG) practices.
“Over the last two decades our leading environmental, social and governance practices have set the bar for energy delivery in North America,” commented Al Monaco, President and Chief Executive Officer at Enbridge. “We’re continuing to raise that bar by combining our conventional and renewable capabilities to create differentiated energy infrastructure solutions that align with our goal of net-zero emissions by 2050.”
“Our recently announced acquisition of the Ingleside Energy Center export terminal is a great example of how we’re aligning our operations with our emissions goals,” added Mr. Monaco. “We’re committed to building on-site solar self-power facilities, which will result in net-zero facility emissions and contribute to local scope three emissions reduction.”
In 2020, the Company announced new goals to lower emissions, further diversify its workforce and maintain the safety and reliability of its systems. Enbridge’s goals include:
- Net-zero GHG emissions by 2050, and an interim target to reduce GHG emissions intensity 35% by 2030;
- Increased representation of diverse groups within Enbridge’s workforce and its Board of Directors by 2025, as well as new actions to enhance supplier diversity; and,
- Transparent safety and reliability targets that drive towards the goal of zero incidents, injuries and occupational illnesses.
In 2021, the Company has continued to advance its ESG and energy transition leadership position. Highlights of Enbridge’s progress include:
- Linking of company-wide compensation to ESG goals and performance;
- Issued approximately $3 billion of financing linked directly to our ESG goals;
- Indigenous workers on the Line 3 U.S. Replacement represented 7% of the workforce;
- Completion of a third solar self-power facility, and four more are now under construction;
- Sanctioned the 448MW Calvados offshore wind project in France, Enbridge’s sixth offshore wind facility in Europe;
- Placed third renewable natural gas (RNG) project, the Dufferin RNG facility, into service in Ontario.
Formation of New Energies Team
Over the last two decades, Enbridge has developed and built nearly $8 Billion in renewable infrastructure in Canada, the United States and Europe. Today, the Company’s full suite of development, construction and operating capabilities rival the largest renewable companies in North America. The Company announced today its Renewable Power division is expanding to include a dedicated and centralized New Energies team that will advance low-carbon energy infrastructure opportunities across Enbridge’s energy delivery businesses. The team will leverage and build upon Enbridge’s early investments in the areas of RNG, hydrogen, and carbon capture, utilization and sequestration (CCUS), as well as other low-carbon technologies.
Matthew Akman, Senior Vice President will expand his responsibilities of Corporate Strategy and Renewable Power to include New Energies.
“The formation of our New Energies team further strengthens the execution of our low-carbon strategies, advancing our differentiated energy delivery capabilities and positioning us well for energy transition,” said Mr. Monaco.
New Partnerships to Develop North American Low Carbon Infrastructure
In combination with the creation of the New Energies team, we’re pleased to announce the following partnerships which will support Enbridge’s strategies and ESG ambitions:
“Today, Enbridge announced a memorandum of understanding (MoU) with Shell to develop low-carbon energy solutions where synergies exist across both company’s North American businesses. Under the terms of the MoU, Enbridge and Shell will explore opportunities to leverage each other’s assets and capabilities across the continent and develop a range of decarbonization solutions that support the achievement of company-specific and customer emissions reduction goals. This will include both companies collaborating on potential green and blue hydrogen production, renewable power generation where the parties bring unique strengths, and carbon capture and sequestration opportunities, which at present excludes the Alberta market given various opportunities already under development. This agreement brings together two of the energy industry’s ESG leaders and leverages complimentary assets and experience to drive innovative low-carbon energy infrastructure and fuels.”
Enbridge also announced a partnership with Vanguard Renewables, a leading U.S. developer of RNG infrastructure. Under the partnership, Vanguard Renewables will initially build and operate up to 8 digesters in the U.S. Northeast and Midwest capable of producing approximately 2 Bcf/year of RNG from food and farm waste, with Enbridge investing up to an estimated $100 million in RNG upgrading, transportation and marketing services that leverage its extensive energy infrastructure assets and capabilities. This partnership positions Enbridge as the partner of choice for future Vanguard mixed-waste RNG development projects.
ESG Forum Details
Details of the webcast:
Tuesday, Sept. 28, 2021
7:00 a.m. MT (9:00 a.m. ET)
The full presentation is posted on Enbridge’s website in the ‘Events and Presentations’ section, with a webcast replay and event transcript available shortly following the event.
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; our environmental, social and governance (ESG) goals and targets, including those related to greenhouse gas (GHG) emissions reductions, diversity and inclusion, and safety and reliability; our plans to achieve our ESG goals and targets and to monitor and report our progress thereon; secured growth projects and future growth opportunities, including those relating to our new low carbon infrastructure partnerships; project execution, including solar self-power facilities; and the formation, purpose and plans of Enbridge’s New Energies team.
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 COVID-19 pandemic and the duration and impact thereof; the expected supply of, demand for, and prices of crude oil, natural gas, natural gas liquids (NGL) and renewable energy; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; operational reliability and performance; maintenance of support and regulatory approvals for projects; anticipated in-service dates; 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; and successful collaboration with partners and others to advance ESG-related 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, the COVID-19 pandemic, 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 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 1,766 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.
FOR FURTHER INFORMATION PLEASE
Enbridge Inc. – Media
Enbridge Inc. – Investment Community
Toll Free: (888) 992-0997
Toll Free: (800) 481-2804
Email: [email protected]
Email: [email protected]
View original content:https://www.prnewswire.com/news-releases/enbridge-hosts-inaugural-esg-forum-highlighting-industry-leading-performance-301386143.html
SOURCE Enbridge Inc.
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.