Canadian energy giants Cenovus Energy Inc. and Enbridge Inc. are facing a greenwashing complaint by an investor group that accuses the companies of misleading disclosures over emissions targets.
Investors for Paris Compliance (I4PC) accused the oil sands producer and the pipeline giant of “systematic greenwashing” in a complaint the group said it filed Tuesday with the Alberta Securities Commission. The group said in a release that both companies are facilitating the expansion of fossil fuel supplies while claiming a commitment to zeroing out emissions, all while failing to allocate “more than a fraction” of capital expenditure to reaching net zero. Both companies engage in “overly promotional” environmental disclosures, the group said.