(Calgary, May 8, 2024) Today Enbridge released the voting results on a shareholder proposal submitted by Investors for Paris Compliance (I4PC) asking the company to fully report its scope 3 emissions in line with accepted definitions. The company currently refuses to report on the so-called “category 11” emissions of the products it transports, even though it derives most of its revenue from that activity.
The proposal received about 29% not voting with management — which could include votes for and abstentions. Last year, the same proposal received 24.4% support and a further 4% abstaining.
“By failing to fully report its scope 3 emissions, Enbridge is misleading investors with regards to its positioning for the energy transition,” said Duncan Kenyon, Director of Corporate Engagement with I4PC. “Enbridge’s investments in new fossil fuel infrastructure absolutely dwarf its investments in renewables, and this would show up in the numbers if they were properly reported.”
I4PC conducted its own estimate of Enbridge’s scope 3 emissions using conservative assumptions, and found that they have grown about 76% since 2014, with another 27% rise in the works should the company’s proposed projects proceed.
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For more information contact Duncan Kenyon at 403-999-2036
