The Corporate Social Responsibility (CSR) Committee of our Board of Directors has oversight at a governance level for all of our guidelines, policies, procedures, performance and risk management related to our CSR and sustainability performance, including climate change, energy use and carbon management.
We share our stakeholders’ concerns regarding the impact of global climate change, and our corporate Climate Policy outlines the steps we are taking to manage climate risks and respond to opportunities associated with the transition to low-carbon sources of energy. This Policy is designed to ensure that our strategy and action on climate change-related issues are aligned with new and emerging market and regulatory trends, and also support ongoing corporate goals for current and future business development and growth.
Climate change and shifting business fundamentals pose several challenges and risks for us as a diversified energy delivery company that primarily transports liquid hydrocarbons and natural gas. These include: emerging climate-related policies and regulations such as carbon pricing, methane reduction and clean fuel standards; severe weather events; and changing investor expectations on climate risk management and disclosure. To manage these risks, we have a dedicated risk management function at the corporate level. For more information, please see the Risk Management section of our Sustainability Report. Further information on steps we are taking to manage climate risk will be provided in our 2018 Climate Report.
Integration of the operations and assets of Spectra Energy requires the combination of reporting processes for key performance indicators (KPIs) associated with our GHG emissions and energy consumption. In 2017, we initiated a review of how the two companies’ data systems, controls and performance metrics align with or complement each other. This work continued in 2018 and included a third party led data assurance readiness exercise to enable us to work towards achieving third party limited assurance of our GHG and energy consumption data in 2019.