For banks in Canada, one of the world's largest oil producers, it's not easy being green.
Their SLBs had two features that often draw criticism: a focus on cuts to emissions per unit of production, called intensity targets, rather than total emissions, and the absence of reduction targets for the biggest source of emissions, indirect ones from the company's value chain, called Scope 3 emissions.
The use of intensity targets over absolute ones is due to continued growth in end-demand in some sectors like power, said Lindsay Patrick, head of ESG at RBC Capital Markets. As regulatory focus grows, "we will all just become much more fluent in the language of greenhouse gas emissions," which will lead to better alignment of what ESG-focused investors want and what companies provide, Patrick said.
Intensity-based targets are a "valid and recognized" way to reduce emissions, allowing the company to focus first on improving its assets' efficiency, an Enbridge spokesperson said, adding its 2050 target is focused on absolute emissions.
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