Enbridge (ENB +0.87%) recently unveiled new environmental, social, and governance goals (ESG), including targets for greenhouse gas emissions, diversity, and inclusion.
One of the biggest aims of the Canadian energy infrastructure company is to reduce its greenhouse gas emissions intensity 35% by 2030 with a longer-term target to get to net zero emissions by 2050. One way it's doing that is by growing its renewable energy portfolio. The company currently has 22 wind farms (including several offshore wind projects in Europe under construction or development), along with solar, hydro, and geothermal power generating facilities. It also has projects to use renewable natural gas from landfills and hydrogen to replace natural gas in its distribution system and for power generation.
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The company also set several social goals. It wants 28% of its workforce to be from diverse racial and ethnic demographic groups by 2025. It also aims to have women makeup 40% of its workforce and increase the representation of people with disabilities and U.S. veterans to 6% and 7%, respectively. The company also intends to increase its procurement from diverse suppliers and those supporting and investing in diversity and inclusion.
Finally, the company set several governance goals. It wants active representation on its Board of Directors to be at least 40% women and 20% from diverse racial and ethnic groups by 2025. It also intends to continue its sustainability reporting on ESG that's consistent with the best industry practices. It's also linking its ESG goals to compensation, which will increase its accountability and put it on a better path to help lead the transition to safer, cleaner, more affordable energy in the future.
These new goals should increase Enbridge's attraction to investors, who are increasingly distancing themselves from companies that don't put a priority on ESG.
