TC Energy unveiled a new Environmental, Social, and Governance (ESG) initiative that it has referred to as a set of ESG business strategies. As a result of TC Energy being a natural gas company, the majority of its ESG goals are targeting the environmental sector. However, the energy giant is still setting concrete, measurable goals for ensuring positive social and governmental impacts.
The environmental strategies from TC Energy include new hydrogen power initiatives, carbon capture initiatives, and further investments in clean energy systems. TC Energy is working with Nikola Corporation on building hydrogen power factories in order to pursue renewable natural gasses. Additionally, the company has partnered with GreenGasUSA in order to ensure convenient transportation of renewable energy from sources to consumers.
TC Energy will also work with the Alberta Carbon Grid project to invest in carbon capture, which coincides with the company's commitment to investing in carbon clean services.
In terms of TC Energy's social and governance strategies, the natural gas company has outlined official commitments to building positive relationships with business partners by selling equity. On top of this, TC Energy has increased employee compensation based on ESG targets and employee scorecards, encouraging positive change from the inside out.
ESG-Focused Business Strategies
TC Energy Unveiled its Official ESG Initiative with Several Goals
Trend Themes
1. Renewable Natural Gasses - TC Energy's partnership with Nikola Corporation presents an opportunity for the development of renewable natural gasses.
2. Carbon Capture - Investing in carbon capture through partnerships like the Alberta Carbon Grid project presents an opportunity for TC Energy to help reduce greenhouse gas emissions in the environment.
3. Employee Scorecards - By increasing employee compensation based on ESG targets and employee scorecards, TC Energy is incentivizing positive change from within the company and upskilling its workforce.
Industry Implications
1. Energy - TC Energy's ESG initiative highlights the opportunity for the energy industry to prioritize environmental, social, and governance goals as part of its core business strategy.
2. Renewable Energy - TC Energy's partnerships with Nikola Corporation and GreenGasUSA highlight the opportunities for companies in the renewable energy industry to collaborate and work towards a more sustainable future.
3. Carbon Capture and Storage - Partnerships like the Alberta Carbon Grid project present an opportunity for companies in the carbon capture and storage industry to collaborate and create more effective carbon reduction solutions.