Canadian oil companies woo ESG investors with self-imposed penalties if they don't meet sustainability targets

Gibson’s sustainability targets include a reduction in emissions and also an effort to boost diversity at the oil storage and pipeline company — as energy companies try to improve their credibility on the S and G components of ESG.

Right now, three out of nine members of Gibson’s board are female and none of the company’s senior executives listed on its leadership team are female. Given this makeup, Gibson will need to add just one more woman to its board and one minority to hit its target. Similarly, Enerplus Corp., a Calgary-based light oil producer with assets in Saskatchewan and North Dakota, announced April 29 it would expand its credit facility to US$900 million and also link it to its target of reducing its emissions by 50 per cent, cut freshwater use by 50 per cent and injuries by 25 per cent.

DBRS’s Vadali expects more companies in the energy sector and in other industries to agree to sustainability-linked financings to attract more institutional investors, which have their own ESG profiles to worry about.

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