Enhancing our climate resilience

Climate change adaptation and resilience

We recognize that climate change is a global challenge and believe it is important to understand and manage climate-related risks to protect the environment and the communities in which we operate, and to support the achievement of our longer-term growth and diversification ambitions, while continuing to pursue our long-term emissions reduction goals. To enhance our resilience, we work to increase our ability to anticipate, prepare for and respond to climate-related events. We also evaluate our business strategy under a variety of energy transition scenarios to maintain agility and flexibility.

Each year we work to improve our understanding of evolving climate-related risks and opportunities, and our approach to managing them. This section updates our disclosure against the four pillars of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations: governance, strategy, risk management, and metrics and targets.

This year, we also cross-referenced select content to the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures by including IFRS S2 tags along with TCFD references in our Reporting standards and content indices. Consistent with our prior-year reporting, we’ve included scenario analysis based on a range of cases including 1.5 C pathways. We’ve also enhanced our disclosures this year to include a qualitative assessment of physical and transition risks to provide decision-useful information to our providers of capital and other interested stakeholders.

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Strategy

At Enbridge, we continually identify current and emerging climate‑related physical and transition risks and opportunities and assess their potential impacts on our operations. Our strategy aims to respond to the growing and systemic nature of climate‑related risk while continuing to manage near‑term operational and market considerations.

We use the same time horizons as our strategic and financial planning process for climate-related analysis including risk management, opportunity assessment, climate scenario analysis and transition planning. For all of our assessments, we define short-term as one to three years, medium-term as three to five years, and long-term as more than five years.

Resilience of our business strategy

We believe that continuing to develop our four core businesses to meet growing global energy demand, alongside efforts to lower emissions, supports the resilience of our overall business strategy. As outlined in our 2026 Strategic Plan, our diversified energy mix and commercial models, combined with early investments in lower‑carbon opportunities and our financial strength, provide strategic optionality and help us adapt across a range of assessed scenarios.

Diversified asset base

Over the past two decades, Enbridge has diversified from primarily a crude oil transporter into a broader energy delivery company, with a more balanced portfolio of crude oil and natural gas delivery assets and a growing set of investments in renewable power. The scale, diversity and geographic span of our operations support our ability to manage financial, market and regulatory risks. We continue to expand and modernize our existing asset base to provide safe, reliable and lower‑emissions transportation services, while also investing in renewable power and other lower‑carbon technologies as new opportunities and supportive policy frameworks emerge. Our assets and operations span multiple jurisdictions across North America and Europe, and our North American systems connect competitive supply basins with access to major markets and export facilities.

Low-risk commercial models

We operate under a range of commercial models across both regulated and unregulated businesses.

This mix supports diversified revenue streams and, in many cases, provides relatively stable cash flows and a history of steady growth.

We engage with regulators on policy design within regulated frameworks to support approaches to capital investment and cost recovery that reflect evolving system and stakeholder needs.

Regulated businesses also provide a framework that supports investment in the long‑term performance of our assets, including modernization, emissions‑reduction initiatives, and the integration of new platforms under established cost‑recovery mechanisms, such as cost‑of‑service regulation.

Early entry into renewables

Governments and businesses are increasingly exploring lower-carbon energy options in response to climate objectives and evolving policy frameworks. We were an early investor in renewables, and we continue to adjust our strategy in response to changing market conditions.

Since our initial investment in a wind farm in 2002, we have allocated more than $12 billion toward renewable energy projects currently in operation or under construction.

Financial strength

Our free cash flow, strong balance sheet, and strong investment grade credit ratings and relationships with more than 30 global banks provide continued access to low-cost capital and the flexibility to invest in our existing assets and new growth opportunities.

Risk management

Our ability to operate and achieve long-term success is linked to how well we identify and manage potential risks to our Company, including climate-related risks. Risk oversight and management is a key role of our Board and our executive and senior management teams, who verify that risks are being identified, monitored, managed and mitigated.

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Metrics and targets

Enbridge tracks several metrics to monitor climate-related risks and opportunities. These include GHG emissions (i.e., Scope 1, Scope 2 and select categories of Scope 3), total energy consumption, demand side management, water use and renewable energy capacity. These metrics can be found in our 2025 Datasheet.

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Building meaningful connections

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