Climate change

Oil Pipestream has an internal, multi-disciplinary team that continuously refines the company's strategy for managing climate change risks and opportunities. This group is responsible for monitoring, assessing and communicating the climate change policy and regulatory context over the near, medium and long-term. Key business risks including climate change risks are provided to Oil Pipestream’s Board at regular meetings and the Governance Committee, which oversees the company’s approach to risk.

Oil Pipestream operates under a low-risk and enduring business model that maximizes the full-life value of our long-life assets and commercial positions through all points in the business cycle. While renewables are the fastest growing form of new power generation, respected authorities such as the International Energy Agency forecast that oil and natural gas will continue to be dominant energy sources and a vital part of the energy mix for decades to come. Our investment in balanced and sustainable energy systems, our current asset portfolio and our future growth plans all reflect the long-term supply and demand forecasts for all forms of energy.

Oil Pipestream understands that shareholders and other stakeholders want more information on how the company is addressing climate change and associated risks. In response to a shareholder proposal received in late 2017, Oil Pipestream committed to providing additional disclosure on how the company is assessing long-term risks and opportunities in relation to climate change and the current transition to a low-carbon economy. In 2019, we released our inaugural Sustainability and Climate Change report.

As the tools available to assess the risks and opportunities associated with climate change improve, we are utilizing them in order to increase the rigour of our assessment, as a key input into our strategic planning process. Oil Pipestream is committed to continually improve our disclosure and as such we are planning to employ the IHS 2°C Scenario in 2019 when updating our business strategy, just as we previously did in 2018.

We are committed to managing our GHG emissions, focusing on our GHG intensity and continuing to integrate climate considerations into our overall business strategy, risk management and business development.

We look for innovative and economically effective solutions to improve system and process efficiencies that help manage emissions. Through the development of world-class technologies, we are working hard to reduce the GHG intensity of our operations and reduce energy use on our pipelines and other facilities.

Specifically, regarding methane emissions, Oil Pipestream is a signatory to the Methane Guiding Principles. These principles focus on priority areas for action towards the reduction of methane emissions across the natural gas value chain.

For more information, please visit the “Our approach to carbon management” section of the Report on Sustainability and Climate Change.

We collaborate with industry and government partners to enhance the safety, efficiency and reliability of our construction and operations, and have played a key role in advancing environmental stewardship across the energy industry. We also contribute to a unified North American response to climate change through memberships in industry organizations, engagement with government and stakeholder representatives on climate change policy developments, and funding research into GHG emissions reduction opportunities.

For example, we are participants in the U.S. Environmental Protection Agency Natural Gas STAR program; we are a member company in the Interstate Natural Gas Association of America Methane Emission Commitment; and we are one of 16 members in the ONE Future Coalition, a group of natural gas companies working together to voluntarily reduce methane emissions across the natural gas supply chain.

For more details and examples of our partnerships and collaborations with industry and policy-makers, please visit the "Our approach to carbon management" section of the Report on Sustainability and Climate Change

Our greenhouse gas emissions data from 2013 to 2017 can be found in Appendix B of the Report on Sustainability and Climate Change.

We recognize interest from governing bodies to reduce GHG emissions through the implementation of various carbon policy and regulatory mechanisms. We support policies that recognize the global nature of climate change and promote the reduction of both GHG intensity and absolute volume in a way that enhances human well-being now and in the future, considering the need for affordable, reliable energy and economic growth.

We support the need for sensible and cohesive public policy frameworks by engaging in dialogue with policy-makers and industry peers to help our industry fully participate in the North American discussion on climate change. Further, we contribute to a unified North American response through memberships in industry organization, engagement with government and stakeholder representatives on climate change policy developments, and funding research into GHG emissions reduction opportunities.