Page 21 | RPIA SUSTAINABILITY REPORT 2025
CULTURE & VALUES
ESG INTEGRATION
OVERVIEW
CORPORATE SUSTAINABILITY
Case Study: North American Energy Infrastructure Company
Q1 Highlights
• Emission Profile: The RP Barometer indicates below-peer environmental performance (Image 1, Annotation 1) , driven by elevated GHG Emissions, high energy intensity, and 0% renewable energy consumption. The peer comparison snapshot further illustrates this positioning, with the company exhibiting the highest GHG and energy intensities among its peer group (Image 1, Annotation 2) . Management noted that emissions intensity remains structurally high due to the scale of its compressor fleet and increased throughput.
Sector: Energy Geography: Canada Discussion Topic: Environmental, Social, and Governance
Background • The company is a large North American energy infrastructure operator focused on the transportation, storage, and delivery of natural gas across an extensive pipeline network. The company also holds interests in power generation and related energy assets, supporting utilities, industrial customers, and local distribution networks across the continent. • In Q1 2025, we initiated engagement after the company was identified as a high emitter relative to its peers and following its decision to place several ESG targets under review. • In Q4 2025, we conducted a follow-up engagement following the publication of the company’s annual Sustainability Report, which outlined revisions to ESG targets that had previously been under review. • As one of the largest bond issuers in North America and a significant holding across several of our portfolios, the issuer’s approach to emissions management, regulatory alignment, and governance oversight was – and remains – a key focus of our ongoing ESG monitoring.
Image 1
Company X: North American Energy Company
Company A-E: Competitors
Environmental Risk Factors Metrics (Current & Trend)
Overall Rank: 3.0 Current Rank: 3.6 Trend Rank: 2.2
Cur- rent
Curr Rank
Trend Rank
Factors
Metric
Unit
Trend
1
GHG Emissions Resource Management Resource Management
Total GHG CO2 Emissions Intensity per Sales Energy Intensity per Sales Pct Renewable Energy Consumed Water Use/Withdrawal Intensity per Sales Waste Generated per Sales
CO2e/Rev MWh/Rev %
1,650.0 7,934.2 0.0 130.0
4 4 4 2
-0.6 0.0 0.0 -25.3
2 2 2 1
Ecological Impact Ecological Impact
m³/Rev Mt/Rev
Metrics (vs. Peer Group)
Metric
X
A
B
C
D
E
Total GHG CO2 Emissions Intensity per Sales Energy Intensity per Sales Pct Renewable Energy Consumed Water Use/Withdrawal Intensity per Sales Waste Generated per Sales
1,650.0 7,934.2 0.0 130.0
259.5 772.5
1,218.5 410.8 0.0 96.7
1,477.7 5,059.7
239.2 1,201.2 0.5 221.8 37.3
741.4 3,241.9 0.8 347.9 8.8
2
3.5 2.4 0.8
1.4 1.6 4.0
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