Enbridge: sustainable credit, tar sands, rights violations

Reclaim Finance criticizes Enbridge for securing a $1.0 billion "Sustainability Linked" credit facility from five major banks, asserting that the company's ESG goals are insufficient and serve to mask the continued expansion of fossil fuel infrastructure. The author contends that Enbridge's net-zero and GHG intensity targets only cover scope 1 and 2 emissions, representing less than 2% of the lifecycle emission intensity of oil sands. Furthermore, the document highlights that the Line 3 pipeline project in Minnesota, supported by such funding, increases GHG emissions and violates the treaty rights of the Anishinaabeg.

• Enbridge secured a three-year $1.0 billion Sustainability Linked Credit Facility on February 10, 2021, from CIBC, Scotiabank, Bank of Montreal, RBC Capital Markets, and TD Securities, who provided $48.45 billion in total funding to the company between 2016 and 2020.
• Enbridge's ESG goals to reduce GHG emission intensity by 35% by 2030 and achieve net zero by 2050 are criticized as inadequate because they only apply to scope 1 and 2 emissions, which account for less than 2% of the lifecycle emission intensity of oil sands.
• The company's investment priorities remain heavily focused on fossil fuels, with oil and gas representing 82% of total estimated expenditures for 2020 growth projects and 97% of investments in 2019.
• The Line 3 pipeline project in Minnesota, which transports oil from Canada's tar sands to Wisconsin, is estimated to add 193 million tons of GHG annually and violates the treaty rights of the Anishinaabeg.

APA

admin (2021). Enbridge: sustainable credit, tar sands, rights violations. Reclaim Finance. https://reclaimfinance.org/site/en/2021/03/10/enbridge-sustainable-credit-tar-sands-rights-violations/

Chicago

admin. Enbridge: sustainable credit, tar sands, rights violations. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/03/10/enbridge-sustainable-credit-tar-sands-rights-violations/.

Wikipedia

{{cite press release |last1=admin |title=Enbridge: sustainable credit, tar sands, rights violations |publisher=Reclaim Finance |date=10 March 2021 |url=https://reclaimfinance.org/site/en/2021/03/10/enbridge-sustainable-credit-tar-sands-rights-violations/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021enbridge, author = {admin}, title = {{Enbridge: sustainable credit, tar sands, rights violations}}, publisher = {Reclaim Finance}, year = {2021}, month = mar, url = {https://reclaimfinance.org/site/en/2021/03/10/enbridge-sustainable-credit-tar-sands-rights-violations/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }