Enbridge Inc. 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.
• 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.