At the inaugural forum, TC Energy showcases its ESG initiatives
TC Energy Corporation
The company continues to take thoughtful and well-defined steps toward accomplishing its sustainability objectives.
TC Energy Corporation will hold its inaugural ESG Forum today to highlight the company's progress on Environmental, Social, and Governance (ESG) issues.
The Company is continuing to take deliberate and defined action to achieve its sustainability goals, including its climate-related goals of reducing emissions intensity from operations by 30% by 2030 and achieving net zero emissions by 2050. Among the most recent ESG highlights for the Company are:
Joined the UN Global Compact, the world's largest corporate sustainability initiative, which aligns companies' actions with universal human rights, labor, environmental, and anti-corruption principles. Cheryl Campbell was appointed as a new independent Director to the Board on June 7, 2022 - Cheryl is the Company's fifth female Board member and brings extensive experience in the midstream energy sector. This brings TC Energy's female board representation to 38%, exceeding the company's 30% target.
And, beginning this week, the Company will begin acquiring renewable energy under a new power purchase agreement (PPA) with Elemental Energy, whose new 20 MW solar power generation facility in Strathmore, Alberta, will begin operations on June 15. Our 15-year PPA expands TC Energy's suite of low-carbon product offerings to our Alberta customers. François Poirier, President and CEO, as well as other members of the executive leadership team and leaders at the forefront of the Company's energy transition strategy, will speak at today's event.
President and CEO François Poirier's comments "The global challenge is to achieve a transition to cleaner energy while meeting global demand and prioritizing a strong commitment to all ESG pillars."
Energy transition is a significant catalyst for our next wave of growth because of our dominant incumbent position. We have a tremendous opportunity to leverage our competitive advantages and be a solution-finding leader.
"We are also incorporating ESG into our strategy and decision-making." We are finding meaningful ways to collaborate with stakeholders and communities, attract top talent, and empower our employees - all while delivering long-term shareholder returns and value."
Significant progress across the ESG spectrum TC Energy made additional progress toward ESG and energy transition goals in the first half of 2022, including:
Environmental
Together with partner Nikola Corporation, began evaluating a plan for a hydrogen production hub in Crossfield, Alberta (Nasdaq: NKLA). In April, the Company announced its plans at the first-ever Canadian Hydrogen Convention in Edmonton, Alberta.
Initiated a collaboration with GreenGasUSA to investigate the development of renewable natural gas (RNG) transportation hubs from sources such as farms, wastewater treatment facilities, and landfills. The proposed Alberta Carbon Grid (ACG) project, a collaboration with Pembina Pipeline Corporation, has been advanced (TSX: PPL). The Alberta government confirmed in March that the ACG project will proceed to the next stages of the province's CCUS process.
Carbon Clean's innovative carbon capture technology for heavy industry, for example, has received continued investment. The Carbon Clean technology is highly promising to the Company in terms of reducing GHG emissions on many of its current assets.
Continued to move forward with a $25 billion secured capital program that includes projects to modernize and electrify existing systems, replace higher-emission fuel sources with cleaner-burning natural gas, and improve access to overseas LNG markets. Social
The signing of option agreements to sell a 10% equity stake in the Coastal GasLink Pipeline Limited Partnership to Indigenous communities along the project corridor was announced. The equity option recognizes TC Energy and Coastal GasLink's important relationship with Indigenous groups along the approved pipeline route, as well as their desire to be true partners.
Governance
Through its corporate scorecard, the Company further linked ESG and energy transition to its business strategy. Scorecard weightings for 2022, which have a direct impact on executive and all employee compensation, are as follows: 25% for progressing ESG priorities, including safety; 50% for delivering financial results; and 25% for advancing other key strategic priorities, including growth and energy transition. Live stream Watch today's ESG Forum from 6:00 a.m. to 7:45 a.m. MDT to learn more (8:00 a.m. to 9:45 a.m. EDT). The event's live webcast, as well as presentation materials, are available in the Investors section of TC Energy's website at Events and Presentations - ESG Forum 2022.
Following the event, the webcast will be available for replay on our website.
We're a group of over 7,000 energy problem solvers working to move, generate, and store the energy that powers North America. Today, we’re taking action to make that energy more sustainable and more secure. To reduce emissions from our operations, we are innovating and modernizing. In addition, we are developing new energy solutions ranging from natural gas and renewables to carbon capture and hydrogen to assist other businesses and industries in decarbonizing.
The common shares of TC Energy are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. Visit TCEnergy.com to learn more.
Source: TC Energy news
