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 targets. It follows similar pledges by Royal Dutch Shell Plc, BP plc, Total SE and Repsol SA, while U.S. producers Exxon Mobil Corp. and Chevron Corp. have made clear they are not following suit.
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.
Details Courtesy of Bloomberg LP.