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Globe and Mail
a day ago
- Business
- Globe and Mail
AGI Releases 2024 Sustainability Report
Ag Growth International Inc. (TSX: AFN) ('AGI', the 'Company', 'we', or 'our') today released its 2024 Sustainability Report. The report highlights AGI's recent performance and achievements across a range of sustainability-related topics. 'I am pleased to present our 2024 Sustainability Report, which showcases our recent achievements in sustainability, including our unwavering commitment to global food security, record safety performance, and progress in reducing greenhouse gas emissions intensity,' commented Paul Householder, President & CEO of AGI. 'I am inspired by the dedication and efforts of our global workforce to advance our sustainability strategy and related goals. Over the past year, we have made measurable progress in reducing our environmental impact, fostering a safe and inclusive culture, and upholding the highest standards of governance and ethics. By driving these initiatives forward, we are enhancing the long-term resilience of our business.' Highlights from the report include progress on employee safety, greenhouse gas (GHG) emissions, and employee engagement, among others. Key highlights include: Details of AGI's contribution to support global food security Significant improvements in safety performance, with a reduction in our Lost Time Incident Rate 1 by 46% and in our Total Recordable Incident Rate 2 by 49% from 2023 levels Reduced our Scope 1 and 2 greenhouse gas (GHG) emissions intensity by 16%, on track to achieve our target of reducing intensity by 25% by 2030 Achieved 100% compliance on AGI's annual employee ethics confirmation in 2024 Over 96% of our global workforce completed training on unconscious bias The full 2024 Sustainability Report is available on AGI's website here. AGI Company Profile AGI is a provider of the equipment and solutions required to support the efficient storage, transport, and processing of food globally. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product worldwide. Forward-Looking Information: This document contains certain forward-looking information. More particularly and without limitation, this document contains forward-looking information regarding AGI's target to reduce our Scope 1 and 2 GHG emissions intensity by 25% by 2030, compared to our 2021 baseline. This forward-looking information is based on a number of factors and assumptions which have been used to develop such information including, among other things: our ability to continue to implement and the success of our sustainability programs, the timing thereof and the impact on AGI achieving its goals and targets relating thereto; our ability to improve the energy intensity of our manufacturing operations; our ability to manage and reduce our energy consumption; our ability to reduce GHG emissions and GHG emissions intensity; the availability of the capital, labour and services required to successfully implement our sustainability programs on the timetable anticipated and to achieve our related goals; the cost to implement and maintain our sustainability programs; our ability to successfully partner with third parties to implement our sustainability programs; the availability of renewable energy such as solar in the areas that we operate; our ability to successfully advance and/or implement technology and innovation into our operations; and the sufficiency of budgeted capital expenditures in carrying out planned sustainability activities. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Although AGI believes that the factors and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because AGI can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties, most of which are beyond our control. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk that we are unable to implement our sustainability programs in part or in full and/or on the anticipated timetable and/or that they are not successful in accomplishing our sustainability goals; the risk that we are unable to improve the energy intensity of our manufacturing operations materially or at all; the risk that we are unable to reduce our energy consumption materially or at all; the risk that we are unable to reduce GHG emissions and/or GHG emissions intensity materially or at all; the risk that the capital, labour and/or services required to successfully implement our sustainability programs are not available in part or at all and that as a result we are unable to achieve our sustainability goals on the anticipated timetable or at all; the risk that the cost to implement and maintain our sustainability programs is higher than currently anticipated or subsequently increases such that the implementation and/or maintenance of one or more of such sustainability programs becomes uneconomic; the risk that we determine to allocate our financial, managerial and/or operational resources to priorities other than the achievement of our sustainability goals due to factors outside of our control or otherwise; the risk that we may not be able to successfully partner with third parties to implement our sustainability programs; and the risk that suitable sources of renewable energy such as solar may not be available in certain areas in which we operate or at all. Readers are cautioned that the foregoing lists of risks and uncertainties is not exhaustive. This forward-looking information are made as of the date of this document and AGI disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking information contained in this document is expressly qualified by this cautionary statement. 1"Lost Time Incident Rate" is calculated in line with U.S. Occupational Safety and Health Administration (OSHA) standards using the formula: ([number of lost time injuries in the reporting period] x 200,000) / (total hours worked in the reporting period); this metric references the number of lost time injuries per 100 employees per year, assuming a 40-hour work week and 50 weeks worked. 2"Total Recordable Incident Rate" is calculated in line with OSHA standards using the formula: (Number of OSHA recordable incidents in the reporting period) x 200,000 / (total number of hours worked in the reporting period); this metric references the number of recordable incidents per 100 full-time employees annually.
Globe and Mail
7 days ago
- Business
- Globe and Mail
Enbridge Publishes 24th Annual Sustainability Report
CALGARY, AB , May 28, 2025 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) published today its 2024 Sustainability Report and Datasheet, which provides an overview of the Company's sustainable business strategy. "How well we perform as a safe operator of essential energy infrastructure, a steward of the environment and a responsible corporate citizen continues to be core to our mission to be North America's first-choice energy delivery company," said Pete Sheffield , Enbridge's Chief Sustainability Officer. "This year's Sustainability Report, our 24 th in as many years, provides an update to stakeholders on our progress, the work that remains and Enbridge's unwavering commitment to continuous improvement." Highlights from the 2024 Sustainability Report include: 40% improvement in greenhouse gas (GHG) emissions intensity from the Company's operations and 22% reduction in absolute GHG emissions from operations (both as compared against a 2018 baseline) 1, 2 23% reduction in work-related injuries and safety incidents among employees and contractors 3 Updated Task Force on Climate-related Financial Disclosures, including an assessment of scenarios, risks and opportunities across each of the Company's businesses Continued reporting on progress towards commitments made in the Company's Indigenous Reconciliation Action Plan Includes data from the completed acquisition of the U.S. natural gas utilities acquired throughout 2024 The Sustainability Report and Datasheet were developed with reference to the Global Reporting Initiative (GRI) Universal Standards and GRI 11 Oil and Gas Sector Standard and make use of the Sustainability Accounting Standards Board (SASB) standards for Oil & Gas Midstream and Gas Utilities & Distributors. Click to read the 2024 Sustainability Report and Datasheet. About Enbridge At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at FOR FURTHER INFORMATION PLEASE CONTACT:
Reuters
23-05-2025
- Business
- Reuters
New framework issued for tackling Scope 3 emissions gap
May 23, 2025 - The Voluntary Carbon Markets Integrity Initiative (VCMI) has released the Scope 3 Action Code of Practice, which provides guidance to companies on best practices to reduce Scope 3 emissions. Scope 3 emissions, which are indirect greenhouse gas (GHG) emissions that occur in a company's value chain, can account for a significant portion of a company's GHG footprint and continue to grow rapidly on a global basis. The Scope 3 Action Code of Practice is designed to promote credible GHG mitigation by companies and participation in high-quality voluntary carbon markets to further efforts to meet global climate change goals. Many companies measure their GHG emissions by assessing them within three different scopes. Scope 1 emissions are direct emissions from sources owned or controlled by a company, such as emissions associated with the boiler or furnace in one of its corporate offices. Scope 2 emissions encompass indirect emissions from the company's purchase of electricity, steam, heat, or cooling. For example, Scope 2 emissions include the generation of electricity that is used in one of its corporate offices. Scope 3 emissions cover all sources that are not within the Scope 1 or Scope 2 boundaries. Scope 3 emissions are indirect GHG emissions that occur in a company's value chain that are not produced by the company itself and are the result of activities from assets not owned or controlled by the company. These emissions may arise from upstream sources, such as the company's suppliers, and sources downstream of the company's own operations, such as the company's customers and product use. Although some progress has been made toward reducing Scope 3 emissions, they have not been reduced at the speed or scale to meet overall global climate change goals. Developed through a multi-stakeholder public consultation and road-testing process and collaboration with various groups and forums, the VCMI's Scope 3 Action Code of Practice was designed to provide a practical tool for companies that are making progress toward their near-term Scope 1 and Scope 2 emission reduction targets but have faced difficulties or are behind on achieving their planned Scope 3 emissions reductions. It is intended to promote credible, net zero-aligned GHG mitigation by companies and participation in voluntary carbon markets. The Scope 3 Action Code of Practice requires companies to set science-aligned near-term emission reduction targets for Scope 3 emissions and calculate the gap between a company's most recently reported Scope 3 emissions and where the company needs to be on their path to decarbonization to stay consistent with near-term science-aligned targets in that year, i.e., the Scope 3 emissions gap. It permits companies to use high-quality carbon credits to close this gap, subject to adherence to certain requirements and limits. The Scope 3 Action Code of Practice requires companies to publicly disclose the following: •Their current Scope 3 emissions gap; •Measures already taken to enable Scope 3 emissions reduction and the results obtained; •The main current and anticipated barrier(s) and an explanation of how they impede progress to targets; •A list of measures to overcome remaining barriers; and •The expected timeframe and emissions reductions to close the emissions gap. In addition to these disclosures, the Scope 3 Action Code of Practice requires companies to retire high-quality carbon credits in an amount at least equal to their Scope 3 emissions gap. However, the Scope 3 emissions gap to be closed by high-quality carbon credits cannot be more than 25% of the company's total Scope 3 emissions trajectory. The Scope 3 Action Code of Practice lays out a four-step process that companies must follow. They are required to comply with the Foundational Criteria, which require public disclosure of an annual GHG emissions inventory and science-aligned near-term emission reduction targets consistent with reaching net-zero emissions no later than 2050. Companies are also required to demonstrate progress toward meeting a near-term emission reduction target and that their public policy advocacy supports the goals of the Paris Climate Accords. Companies must assess whether they meet the Scope 3 Action Code of Practice requirements, which include those listed above. They are also expected to demonstrate progress toward meeting their near-term Scope 1 and Scope 2 emissions reduction targets through certain public disclosures. One of two calculation approaches must be applied to determine the Scope 3 emissions gap: the year-on-year approach or the carbon budget approach. The year-on-year approach calculates the limit of the emissions gap each year a company aligns with the Scope 3 Action Code of Practice (i.e., the company must ensure that the Scope 3 emissions gap is less than 25% of the Scope 3 trajectory emissions in the applicable year and that the Scope 3 emissions gap is eliminated by 2040 at the latest). The carbon budget approach calculates the limit upfront for the company's near-term target implementation period. The Scope 3 Action Code of Practice requires companies to retire high-quality carbon credits to close their Scope 3 emissions gap, subject to the 25% limit. Until Jan. 1, 2026, interim options for carbon credit procurement are available, after which only credits labelled by the Integrity Council for the Voluntary Carbon Market (ICVCM) Core Carbon Principles (CCP) or Article 6.4 credits may be used. Companies are expected to transparently disclose information to demonstrate that the Foundation Criteria requirements and Scope 3 Action Code of Practice requirements have been met. They are also expected to transparently disclose key information related to the high-quality carbon credits used to comply with the Scope 3 Action Code of Practice guidance, including the quality and number of credits retired. The VCMI Scope 3 Action Code of Practice provides a helpful tool for companies to continue their efforts to reduce and mitigate their Scope 3 emissions and demonstrate their commitment to climate action. It supports global mitigation efforts by encouraging the use and retirement of high-quality carbon credits while companies continue to work toward achieving their decarbonization targets. Its support for the use of carbon credits to address Scope 3 emissions gaps deviates from the methodology of the Science Based Targets initiative (SBTi), which only permits the use of carbon credits to address residual emissions that remain after a company has achieved its long-term science-based target and cut emissions by more than 90%. Although the additional flexibility in addressing Scope 3 emissions may be welcomed by many companies, the difference in the rules and guidance has created some concern in the industry on the use and reliance on carbon credits to achieve emissions reduction targets. However, the industry may see enhancements to the Scope 3 target-setting framework in the future, with SBTi recently issuing a proposal that would permit companies to prioritize action on the value-chain activities that generate the most emissions and set separate targets for those sources. As companies continue to reduce and mitigate their Scope 3 emissions, they should ensure that they document their Scope 3 emissions and reduction plans and ensure that any carbon credits used and retired are high-quality credits. Pamela Wu is a regular contributing columnist on energy and decarbonization issues for Reuters Legal News and Westlaw Today.
