NEWS - Investors Commend Enbridge’s Target Setting for Net Zero Carbon By 2050

Published on November 6, 2020

MONTREAL (Nov. 6 2020) – Æquo, a shareholder engagement services provider representing Canadian-based institutional investors, commends Enbridge’s decision to set a target to reach net zero greenhouse gas (GHG) emissions by 2050. Æquo has been engaging with Enbridge for several years, on behalf of investors including Bâtirente, Gestion FÉRIQUE, Hexavest, and Le Regroupement pour la Responsabilité Sociale des Entreprises (RRSE). For the last two years Æquo was a lead organisation behind a collaborative dialogue with the company, part of a larger push by global investors under the umbrella of Climate Action 100+.

“Setting a net zero target is an important step. Investors will now expect companies to demonstrate how they are managing risk and adapting their businesses to continue to create value in a low-carbon economy,” says François Meloche, Director of Shareholder Engagement at Æquo. Enbridge’s additional announcement that it  will report the carbon intensity of the energy delivered by its operations is another sign of climate leadership by North America’s largest pipeline company. “Companies should not only reduce their own direct emissions but also reduce the emissions of the products they sell, even if these are emitted by other end users.” Æquo will continue to engage Enbridge on opportunities to decarbonise their business and build resilience in a transforming economy.

Climate Action 100+ encourages companies across the world to set ambitious GHG reduction targets, a key element for companies to align their strategies and operations with the Paris Agreement, which aims to limit global temperature rise to well-below 2°C above pre-industrial levels. This collaborative initiative is an investor initiative launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. More than 500 investors with over $47 trillion in assets collectively under management are engaging companies to curb emissions, improve governance and strengthen climate-related financial disclosures. At least 50 of these companies, now including Enbridge, have since indicated they aim to achieve net zero emissions by 2050.

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