Canada’s Enbridge joins Shell, BP with 2050 emissions goal

Bloomberg

Enbridge Inc became the largest company in the North American oil industry to set a goal of eliminating all net emissions from its operations by 2050, joining major European producers in providing climate-conscious investors with a plan to tackle global warming.
The pipeline giant also established an interim target of reducing the intensity of greenhouse-gas emissions from its operations by 35% by 2030, according to environmental, social and corporate governance, or ESG, targets it outlined. It follows similar or tougher pledges by Royal Dutch Shell Plc, BP Plc, Total SE and Repsol SA, while top
US producers Exxon Mobil Corp and Chevron Corp have made clear they are not following suit.
“It’s a very public demonstration of our level of commitment to making progress on these important criteria and issues that matter to society and to our stakeholders,” Peter Sheffield, Enbridge’s chief sustainability officer, said in an interview.
The oil and gas industry, which has long been the target of environmental groups, is under increasing pressure from shareholders managing trillions of dollars to address greenhouse-gas emissions such as methane.
Those investors include AllianceBernstein Holding LP and California State Teachers’ Retirement System.
Enbridge’s plan doesn’t include a net-zero target for so-called scope 3 emissions — the ones stemming from the combustion of fossil fuels by cars, airplanes, homes and factories.
For now, the Calgary-based company said it will address those by helping suppliers and customers to cut emissions in line with the recommendations of the United Nations’ Intergovernmental Panel on Climate Change.
The Canadian company with a vast pipeline network in the US has invested in several wind and solar energy projects over the years.