Good afternoon, ladies and gentlemen. My name is Karen Uehara, Vice President, Corporate and Corporate Secretary of Enbridge. Thank you for joining us at our annual general meeting today. Real-time captioning for the hearing impaired is also available today. There will be three parts to today's meeting. First, the formal business portion will address the matters to be voted upon today, including questions specific to the resolutions, and will be conducted by our Chair, Ms. Pamela Carter. In the unlikely event Ms. Carter is unable to continue as Chair, Mr. Ebel, our President and CEO and a director, will chair the meeting. Next, after the formal business of the meeting, Greg Ebel will deliver his remarks to our shareholders. Finally, we will have a general question-and-answer session. Before we begin with the formal business portion of the meeting, I will provide some comments on voting and questions at today's meeting.
As a reminder, only registered shareholders and duly appointed proxy holders can vote or ask questions during the meeting through the virtual webcast voting platform. In order to vote during the meeting, you must log into the webcast with your control number or username and your password, which is enbridge2024, all with a lowercase. Once voting has opened, the voting tab will appear at the top of the webcast page, and the voting choices will be displayed for you to select from. A confirmation message will appear when your vote has been received. The polls are now open. Voting can be completed at any time from now until the end of the formal business portion of the meeting. Thank you to those of you who have already voted. If you do not wish to change your vote, you don't need to vote again during the meeting.
For those who have not yet voted, we encourage you to vote now. Questions can be submitted throughout the meeting. To ask a question during the meeting, you must select the messaging tab at the top of the webcast page, type your question in the text box at the top of the screen, and then click the send arrow. If your question relates to a specific motion, please start your question by identifying the specific motion so we can address your question at the appropriate time during the formal business portion of the meeting. We will save all questions that do not identify a specific motion for the general question-and-answer session following the formal business portion of the meeting and the CEO's remarks. If a question is personal in nature, we will follow up with you individually after the meeting.
Shareholders were also provided the opportunity to submit questions in advance of the meeting. No questions were submitted in advance of the meeting. If we have a number of questions that are the same or very similar, we may group the questions to avoid repetition. We will endeavor to address all questions submitted through the platform. However, please note that due to time constraints, we may not be able to address all questions today. We believe in active engagement with our shareholders and stakeholders on an ongoing basis. If you have questions, we encourage you to submit them now. Finally, we would like to remind you that our answers to your questions and our CEO's remarks may contain forward-looking information.
By its nature, this information involves a variety of assumptions and expectations about future outcomes, which are subject to the risks and uncertainties discussed more fully in our public disclosure filings. We may also refer to Non-GAAP and other financial measures. In the event of technical difficulties or other significant issues that disrupt the meeting, the chair of the meeting may adjourn, recess, or expedite the meeting, or take such other action that the chair determines is appropriate in light of the circumstances. I now welcome Ms. Pamela Carter, Chair of the Enbridge Board of Directors, to call the meeting to order.
Thank you, Ms. Uehara . Good afternoon, ladies and gentlemen. My name is Pamela Carter, and I am the chair of the Enbridge Board. It is my pleasure to welcome you to Enbridge's 2024 annual meeting of shareholders. We are gathered today by technology from locations across North America where Indigenous peoples have been and continue to be stewards of the land. I'd like to acknowledge and thank the people whose footsteps have marked these territories for centuries. Before I call the meeting to order, I would like to call upon Ms. Jodi Whitney to deliver a land acknowledgment message.
Danit'ada, sii Jodi Whitney at siinajanaa Tsuut'ina. Hello. My name is Jodi Whitney, and I'm from the Tsuut'ina Nation. Respectfully, we acknowledge that we are hosting this meeting today in Treaty 7 territory, home to the Blackfoot Confederacy, which includes the Siksika, Kainai, and Piikani Nations, the Stoney Nakoda Nations of Bearspaw, Chiniki, and Wesley, the Tsuut'ina Nation, and Métis Nation Alberta Region 3. It is also important to acknowledge that our assets traverse many other treaty and traditional Indigenous lands across North America, which is known to Indigenous people as Turtle Island. Siyisgaas , and thank you.
Thank you, Ms. Whitney. I now call the meeting to order. As chair of the Enbridge Board and in accordance with our bylaws, I will act as chair of today's meeting. Karen Uehara, Vice President, Corporate and Corporate Secretary, will act as secretary. Greg Ebel, our president and chief executive officer, is also present at the meeting today. Our external auditors are also available to answer questions as appropriate. In order to ensure that the business of today's meeting proceeds smoothly, Ms. Uehara, who is a shareholder and duly appointed proxy holder, will move and second the proposals related to the items of business identified in the Notice of Meeting , other than the two shareholder proposals which will be moved and seconded by a representative of each shareholder proponent. As in past years, we will have a general question-and-answer session after the formal business of the meeting is completed.
As previously noted, during the formal business portion of the meeting, we will also pause to address questions that are specific to the motions being presented. If you are a registered shareholder or duly appointed proxy holder with a question that you'd like addressed during the formal business portion of the meeting, I ask that you submit your question now. This afternoon, we will deal with the items of business outlined in the Notice of Meeting and Management Information Circular . Shareholders will first be asked to consider the minutes of the last meeting of shareholders held on May 3rd, 2023. They will then attend to the regular business of receiving the annual financial statements together with the report of Enbridge's auditors.
Shareholders will then be asked to vote on the election of directors and the appointment of the auditors for the next year, as well as authorize the directors to fix the auditors' remuneration. As has been the case in prior years, shareholders will then be asked to cast a non-binding advisory vote to accept the corporation's approach to executive compensation, which is commonly referred to as Say-on-Pay. Finally, shareholders will be asked to consider and vote on two shareholder proposals as set out in Appendix A of the Management Information Circular . Eleven of our twelve incumbent directors are standing for reelection today. In addition, Theresa Jang, a new director candidate, is nominated for election to the board. The number of directors to be elected today has been determined by the board to be twelve. Mr.
Dan Tutcher is not standing for reelection as a director and will retire after today's meeting having reached the age of 75. We sincerely thank him for his many years of dedicated service to the board and to Enbridge. I would also like to thank the Enbridge management team for their fine leadership and also our shareholders for giving me the opportunity to serve as a director and the chair of the board. Mr. Stefan Bandola , a representative of the corporation's registrar and transfer agent, Computershare Trust Company of Canada, is in attendance today, and I appoint him to act as scrutineer for the meeting. I will now ask Karen Uehara to confirm that proper notice of the meeting was given and that a quorum is present for the transaction of business.
Thank you, Madam Chair. The Notice of Meeting and notice of availability of meeting materials were mailed on or about March 22nd, 2024, to shareholders of record at the close of business on March 13th, 2024. Proof of mailing to registered shareholders will be filed with the records of this meeting. The scrutineer's report shows 6,510 proxies received, representing a total of 1,296,103,436 shares, which is 60.97% of the shares outstanding on March 13th, 2024. Based on the scrutineer's report, I confirm that a quorum is present for the transaction of business at this meeting.
Thank you. I declare this meeting to be properly constituted for the transaction of business. Ms. Uehara, may I please have a motion to approve the minutes of the annual meeting of shareholders held on May 3rd, 2023?
Madam Chair, I move and second that the minutes of the annual meeting of the shareholders held on May 3rd, 2023, as now submitted to this meeting, be taken as read and approved.
Thank you. Can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. Unless we receive any objections otherwise, we will accept the minutes as approved. The next item of business is to place before the shareholders the audited financial statements and auditor's report for the year ended December 31, 2023. The financial statements and auditor's report for the year ended December 31, 2023, are contained in the company's 2023 annual report. The financial statements have been approved by the board of directors and are available on the company's website. The corporation's auditors are PricewaterhouseCoopers LLP. Ms. Elodie Bru of PWC will be available during the general question-and-answer session following Mr. Ebel's remarks to answer any of your questions regarding the auditor's report. The next item on the agenda is the election of directors for the next year. 12 directors are to be elected at this meeting.
Ms. Uehara , may I please have a nomination for the election of 12 directors to serve on the Enbridge Board of Directors for the upcoming year?
Madam Chair, I am pleased to nominate each of the following individuals: Mayank M. Ashar, Gaurdie E. Banister, Pamela L. Carter, Susan M. Cunningham, Gregory L. Ebel, Jason B. Few, Theresa B.Y. Jang, Teresa S. Madden, Manjit Minhas, Stephen S. Poloz, S. Jane Rowe, and Stephen W. Williams for election as directors of the corporation to hold office until the close of the next annual meeting of shareholders or until the respective successors have been elected.
Thank you. As no other nominations for director were received in accordance with the company's advance notice bylaw, I hereby declare the nominations closed. I will now entertain a motion respecting the election of directors.
Madam Chair, I move and second that Mayank M. Ashar, Gaurdie E. Banister Jr., Pamela L. Carter, Susan M. Cunningham, Gregory L. Ebel, Jason B. Few, Theresa B.Y. Jang, Teresa S. Madden, Manjit Minhas, Stephen S. Poloz, S. Jane Rowe, and Stephen W. Williams be elected directors of the corporation to hold office until the close of the next annual meeting of shareholders or until the respective successors have been elected.
Thank you. Can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. We will now proceed with the vote. Please record your vote now, remembering that if you have already voted in advance and do not wish to change your vote, no further action is required. The next item of business is the appointment of the corporation's auditors. PricewaterhouseCoopers, previously Price Waterhouse, have served as Enbridge's auditors for the past 31 years. The board of directors, on advice from the Audit Finance Risk Committee of the board, recommends their reappointment. Ms. Uehara , may I please have a motion?
Madam Chair, I move and second that PricewaterhouseCoopers LLP be appointed auditors of the corporation to hold office until the close of the next annual meeting of shareholders at such remuneration as shall be fixed by the board of directors.
Thank you. Can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. We will now proceed with the vote. Please record your vote now, remembering that if you have already voted in advance and do not wish to change your vote, no further action is required. The next item of business today is a non-binding advisory vote on the corporation's approach to executive compensation, commonly known as Say-on-Pay. Although this vote is optional and non-binding, it gives shareholders an opportunity to provide important input to the board of directors. Ms. Uehara, may I have a motion?
Madam Chair, I move and second that the resolution to accept the corporation's approach to executive compensation, the text of which is set forth on page 36 of the Management Information Circular , be and is hereby approved.
Thank you. Can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. We will now proceed with the vote. Please record your vote now, remembering that if you have already voted in advance and do not wish to change your vote, no further action is required. The next item of business today is consideration of two shareholder proposals. The first shareholder proposal is submitted by Ms. Lienne Barre , represented by Environmental Defence Canada. The second shareholder proposal is submitted by D.I. Foundation , represented by Investors for Paris Compliance. The full text of both shareholder proposals, together with the board of directors' responses, are set out in Appendix A of the Management Information Circular . The board of directors and management recommend that shareholders vote against both proposals. We will first deal with shareholder proposal number one. I now advise Mr. Keith Brooks of Environmental Defence Canada to present the proposal on behalf of Ms. Lienne Barre .
Mr. Brooks, may you please present the motion and make your statement?
Thank you, Madam Chair. My name is Keith Brooks of Environmental Defence Canada. I'm a proxy holder representing Ms. Lienne Barre , and I move and second that the shareholder proposal number one resolution is set out in Appendix A to the Management Information Circular , be and is hereby approved. Environmental Defence submitted this proposal because we were concerned that Enbridge is either being disingenuous or doesn't understand the energy transition, and we wanted to bring it to the attention of shareholders because it presents a risk to shareholders. What we're seeking with this resolution is for Enbridge to produce a report to better understand where the disconnect is happening. Our concerns are as follows: Enbridge used a faulty report of the Ontario Energy Board proceedings regarding the energy transition and the role of gas in that transition.
Many of the assumptions underlying the report did not hold up to scrutiny from Environmental Defence and others, so much so that the board ordered Enbridge to correct the report, which resulted in a CAD 140 billion difference from the previous analysis. I think shareholders would recognize that CAD 140 billion is not an immaterial amount of money, and so it's important to understand how this mistake happened, if it was a mistake, or to understand if somebody intentionally misrepresented things to make Enbridge's prospects look rosier than they actually are. Separately but related, the Ontario Energy Board also took issue with Enbridge's overly rosy projections about the role of gas in home heating in the future. In short, the board did not approve Enbridge Gas's capital plan and flagged a concern about stranded assets because of the energy transition.
To quote the board, "The OEB concludes that Enbridge Gas's proposal is not responsive to the energy transition and increases the risk of stranded assets or underutilized assets, a risk that must be mitigated. In the face of the energy transition, Enbridge bears the onus to demonstrate that its proposed capital spending plan, reflected in its asset management plan, is prudent, having accounted appropriately for the risk arising from the energy transition. The record is clear that Enbridge Gas has failed to do so." End quote from the OEB. This is all further compounded by the fact that Enbridge is misleading Ontarians in some of its marketing materials by claiming that gas is the least expensive way to heat a home, though this isn't in fact true.
Enbridge's marketing materials compare gas heating to electric heating, assuming a home is being heated by a highly inefficient baseboard heater rather than a much more efficient and cost-effective cold climate air source heat pump. We have to believe this omission was intentional given that Enbridge also ran the federally funded Greener Homes Grant program that offers rebates for heat pumps. We brought a complaint to the Competition Bureau concerning this misleading advertising, and the bureau has confirmed that it is undertaking an investigation. That is to say, they are taking our complaint seriously. We note too that Enbridge has modified its advertising and now clarifies that the electricity number referenced the cost of heating using baseboard heaters or electric resistance heaters, which suggests that someone at Enbridge also believes there is some merit to our complaint.
This misleading advertising is an issue given that gas is not the cheapest way to heat, and given that, that may mean that Enbridge gets fewer customers than it projects. Further, Enbridge could face fines and a reputational hit should the bureau decide against it. Finally, we flagged the risk of the Line 5 pipeline in the Great Lakes. That pipeline is over 70 years old, and there is a risk that this pipeline will rupture, a risk which we believe Enbridge is downplaying. The company is also spending a lot of money to reroute a portion of the pipeline and is pursuing a tunnel under the Great Lakes, which would also be a very expensive project should it even get approved.
Shareholders should question whether it is prudent given that the tunnel may not get approved and there is significant expense that might be hard to justify, again, in light of the energy transition and the risks associated with the pipeline spill. We wanted to bring these concerns to the attention of shareholders, and the resolution aims to have Enbridge look into these matters to sort out whether it is being responsible in light of the energy transition and to produce a report summarizing the findings. Thank you for your time.
Thank you, Mr. Brooks. We appreciate your engagement on this matter. As set out in the Management Information Circular , the board of directors opposes this proposal and has recommended that shareholders vote against shareholder proposal number one. The reasons for this recommendation are explained in full on pages 121-122 of the Management Information Circular . Ms. Uehara , can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. We will now proceed with the vote. Please record your vote now, remembering that if you have already voted in advance and do not wish to change your vote, no further action is required. The final item of business today is the consideration of shareholder proposal number 2. The board of directors and management recommend that shareholders vote against the proposal. I now invite Mr. Duncan Kenyon of Investors for Paris Compliance to present the proposal on behalf of the D.I. Foundation . Mr. Kenyon, may you please present the motion and make your statement?
Thank you, Madam Chair, and good afternoon to all on call. My name is Duncan Kenyon of Investors for Paris Compliance. I'm a proxy holder representing the D.I. Foundation . I move and second that the number 2 shareholder proposal, as set out in Appendix A in Enbridge's Management Information Circular , be and is hereby approved. As Enbridge has a net-zero commitment and is a midstream utility company, in theory, it has a greater ability and opportunities to transition into net zero and low-carbon business lines, much more so than traditional oil and gas companies. The question is, is it doing so? Where this shows up is in its Scope 3 emissions, including the end-use emissions of the products that Enbridge's midstream service enables. If the company's Scope 3 emissions are going down, it may be shifting its business in line with the energy transition.
If the opposite, it's likely not aligned with the energy transition. Unfortunately, Enbridge is failing to fully and properly report on its Scope 3 emissions, masking its business strategy of continuing to invest in new fossil fuel infrastructure at a much larger scale than its renewable investments. As such, we've again filed a Scope 3 reporting resolution with Enbridge this year. For us, the challenge really starts with Enbridge flaunting the Scope 3 guidance and rules for the very climate reporting mechanism that the company claims to follow. It flaunts the guidance that says midstream companies need to report on material Scope 3 emissions, like the emissions from the end use of oil and gas. It flaunts guidance that makes ownership of goods irrelevant, as it's clear that the guidance states you should be reporting on the sale of services in addition to the sale of goods.
It flouts the guidance on processes and approaches to calculate Scope 3 emissions that applies to all reporting companies and these reporting mechanisms, regardless of the sector or if the company feels it needs special rules. Besides eroding confidence in Enbridge's overall sustainability reporting by flouting the rules that apply to the company when it signs up to use these accepted climate reporting mechanisms, it also begs the question as to why Enbridge is not following the rules and reporting on the Scope 3 emissions from the end use of oil and gas products. Our own conservative estimate is that Enbridge's Scope 3 emissions have risen by 76% in the past 10 years, and its planned, proposed, or approved future gas transmission products would increase it a further 27%.
Enbridge's investments in new fossil fuel infrastructure absolutely dwarf its investments in renewables, and this shows up in these Scope 3 numbers. As investors, it would be better if Enbridge used metrics like Scope 3 emissions to quantify its progress on its self-proclaimed practical approach to the energy transition. Besides reputational risk, not following these reporting rules currently has little legal risk. Yet that is set to change with regulators working to require better climate metrics and reporting of material climate and financial risk. Consultations are now underway in Canada on applying the International Sustainability Standards Board's emissions reporting guidelines, guidelines that include reporting on Scope 3 emissions. In addition, Enbridge's Canadian financial institutional partners are already starting to report on the financed emissions from its clients. In this case, that's a form of Scope 3 emissions for these financial institutions.
That includes reporting the financed emissions of their clients like Enbridge in the oil and gas sector. Ultimately, though, we are moving away from the glossy pages of voluntarily reported climate ESG reports and turning to the need for better financial disclosure of business risk from the energy transition. The energy transition is one of the major economic drivers of business success over the coming years, and current relevant metrics like Scope 3 emissions are required to demonstrate whether companies are adapting to the opportunity this presents or at risk of failing by remaining stuck in the past. Thank you for your time today.
Thank you, Mr. Kenyon . We appreciate your engagement on this matter. As set out in the Management Information Circular , the board of directors opposes this proposal and has recommended that shareholders vote against shareholder proposal number two. The reasons for this recommendation are explained in full on pages 123-124 of the Management Information Circular . Ms. Uehara , can you please advise if any questions specific to this motion were submitted?
No questions specific to this motion have been submitted.
Thank you. We will now proceed with the vote. Please record your vote now, remembering that if you have already voted in advance and do not wish to change your vote, no further action is required. Thank you again to all our shareholders who voted in advance of or during today's meeting. We will now pause for a moment for the scrutineer to tabulate the preliminary results of the voting and provide those results to us. Ms. Uehara, do you have the preliminary results of the voting?
Yes, Madam Chair. I have received confirmation from the scrutineer that each of the 12 directors have been elected by at least 92% of the votes cast for the election of directors. The motion to appoint PricewaterhouseCoopers LLP as the corporation's auditors and have the directors fix their remuneration has been approved by at least 91% of the votes cast on that resolution. The advisory vote on the corporation's approach to executive compensation has been approved by at least 89% of the votes cast on that resolution. Shareholder proposal number one, submitted by Ms. Lienne Barre and represented by Environmental Defence Canada, has been defeated by at least 95% of the votes cast against that resolution. Shareholder proposal number two, submitted by D.I. Foundation and represented by Investors for Paris Compliance, has been defeated by at least 71% of the votes cast against that resolution.
Thank you. I declare each of the resolutions considered at today's meeting in respect to those matters as carried, with the exception of the 2 shareholder proposals, both of which have been defeated. The exact number of votes cast in respect of each matter will be filed on EDGAR and SEDAR+ and made available on our website. As all matters of business have been addressed, I now declare the meeting closed. I now call upon Greg Ebel, the company's President and Chief Executive Officer, to deliver his remarks and conduct the general question and answer session.
75 years, a lifetime of progress, of discovery, of transformation. Some say change is the only constant. For 75 years and for some parts of our business an extra century, Enbridge has delivered the energy that fuels quality of life safely and reliably. We've grown, evolved, explored, innovated, forged lasting relationships with neighbors, with customers, with communities, never forgetting where we came from or where we're going. Where do we go from here? We adapt. We transform. We pioneer new technology. We lead the energy transition and strive every day to be the first choice energy delivery company in North America and beyond. Powered by our people, passionate, resourceful, diverse, and resilient, at Enbridge, tomorrow is on, and so are we.
Good afternoon. My name is Greg Ebel, and I'm honored to lead Enbridge as your president and CEO. As you saw in that video, the last 75 years have been remarkable: a story of opportunity realized, resiliency, and 75 years of looking ahead. Our asset base from the first oil pipeline running from Edmonton down to Superior has grown significantly. We've expanded our liquids network to reach the best markets, including the U.S. Gulf Coast, and now with the continent's largest export terminal and Ingleside, we're playing a key role in connecting North American energy to the world. Our investments in gas transmission and midstream have us delivering about 20% of the natural gas consumed in the United States every day. We were an early mover into renewables more than 20 years ago, and now Enbridge provides enough clean energy to power over 1 million homes.
Our natural gas utility business is positioned to be the largest by volume in North America once we complete our U.S. utility acquisitions later this year. Our history is one to be proud of, but our people and leadership are determined to make that next 75 even better. We're focused on providing energy in a planet-friendly way everywhere people need it, and we're in an excellent position to lead the energy evolution and to be the first choice energy provider for our customers, communities, investors, regulators, and policymakers, and of course, our employees. Let me share some of our key highlights from the last year and how Enbridge is in a strong position for the future. Throughout 2023, we faced issues that made the energy landscape challenging to navigate: the continuing war in Ukraine, conflict in the Middle East, and inflationary pressures on every consumer.
The need for safe, reliable, and affordable energy was at the center of conversations around increasing energy demand and climate change. And as we look at how we sustainably meet the energy needs for today and in the future, we must take a balanced and practical approach, one that won't leave anyone behind and will make the most of the energy systems we have in place while advancing renewables and other lower-carbon options. As the first choice energy delivery company in North America, Enbridge has been a leader in this discussion. Our target of net-zero emissions from our operations by 2050. Of course, success begins with our commitment to safety, which is always our top priority. In 2023, we maintained our industry-leading position for integrity management and advanced our continuous improvement mindset. We saw record performance for occupational and process safety, as well as our environmental performance.
Within the business, we advanced our LNG export strategy with the gas storage acquisitions of Aitken Creek in British Columbia and Tres Palacios in Texas. We made investments in Divert Inc. that are helping to reduce emissions. We also acquired Morrow RNG, which brings an additional seven landfill gas-to-RNG facilities into the company. In liquids, we reached a win-win-win Mainline tolling settlement that means our customers will continue to receive first choice service at competitive tolls. And also last year, both the Mainline system and the Ingleside Energy Center delivered record volumes, and we increased our ownership position in the Gray Oak Pipeline serving the Permian region. We maintained our commitment to safeguarding the land and waterways where Line 5 passes by advancing the Great Lakes Tunnel Project and working to relocate a segment of the pipeline off the Bad River Reservation.
On the renewable side, we increased our ownership in 2 German offshore wind projects and were selected to develop the Normandy project off the coast of France. Later this month, we'll bring another French offshore project into full commercial operation when Fécamp begins delivering 497 MW of power to that grid. In North America, we invested in the Fox Squirrel Solar Project in Ohio with our longstanding partner EDF. Our North American onshore growth outlook for renewables is strong, and we see about 6.2 GW of opportunities for Enbridge through 2030. And finally, the biggest move in 2023 was achieving a more balanced portfolio through the acquisition of 3 U.S. natural gas utilities. This is a generational opportunity that, upon completion, positions Enbridge as the largest by volume integrated North American gas utility.
It doubles the size of our current utility business and is expected to deliver solid returns long into the future. We closed on the acquisition of Ohio Gas in March and anticipate closing Utah, Wyoming, Idaho, and North Carolina a little later this year. I joined a welcome event in Cleveland, and the team in Ohio is really excited to be part of Enbridge, and we're excited to have them on the team. A key consideration for these U.S. utilities and every asset we invest in is their impact on achieving our emission reduction goals. And to keep us on track, every business unit has a plan to achieve these goals. We also made good progress with our commitments in our Indigenous Reconciliation Action Plan, including establishing our Indigenous Advisory Group, which provides important perspectives to our board of directors and our senior leaders.
We'll update our Indigenous Reconciliation Action Plan a little later this year, and we're continuing our efforts to form economic partnerships with Indigenous communities right across our network. On the financial side, we realized record results for both EBITDA and DCF per share. We invested over CAD 3 billion via tuck-in acquisitions and secured another CAD 10 billion in organic growth projects, bringing our secured portfolio to CAD 24 billion. We announced a 3% increase to our dividend for 2024, which is our 29th consecutive annual increase. That's a lot of positive momentum for the company, but the stock price did not perform in line with that momentum, so let me speak to that. Part of it is the impact of higher real interest rates on dividend-paying stocks like Enbridge.
The other part is related to the small but remaining funding we have left to do on our U.S. gas utility acquisitions. Of course, the reality is our company has a strong balance sheet, something we always view as a high priority. So the funding issue should be temporary. With good flexibility for funding the remainder of the utility acquisitions this year, we are set to realize shareholder value from these acquisitions and our existing businesses for decades to come. The bigger picture is our unmatched scale, connectivity, and diversification, which commands a premium valuation. We have achieved financial guidance for 18 consecutive years, which underscores the stability and predictability of our business. We plan to consistently grow the business by approximately 5% per year through low-risk investments, optimizations, and further growth opportunities.
That, combined with our attractive dividend, sets us up to provide shareholders with a total return of 10%-12% per year. That growth in both conventional energy and lower-carbon opportunities has been key to our success for a number of years and will continue to set us apart in the future. We strongly believe that all forms of energy will be needed to meet growing energy demand and economic expansion. As the population grows and we see economic growth, energy that is safe, reliable, sustainable, and affordable will very much be needed. While forecasts vary, virtually everyone agrees that oil and gas will remain a part of the energy mix well into the future. Over 65% of global oil demand is used for moving people and things around in passenger vehicles, long-haul trucking, and aviation.
35% is needed for feedstock in the petrochemical industry or for the production of waxes, lubes, and asphalt. Also playing a critical role is natural gas. It's abundant, affordable, and ready as a reliable energy source. It heats our homes, keeps the lights on, and is truly a foundational fuel for our energy future. And as the world moves to lower-carbon forms of energy, it's also needed as an electricity source for factories manufacturing clean tech like solar panels or electric car batteries and to power huge data centers, which are flourishing around the United States and consuming vast amounts of electricity. When we use natural gas for power generation over coal, there's a 50% reduction in greenhouse gas emissions. In the United States, switching from coal to natural gas has accounted for nearly two-thirds of all greenhouse gas emissions reductions in the past 15 years.
It's hard to see a positive future for people or the planet without including conventional energy sources. That brings me to another strength of our company: our unparalleled asset base. Our super system meets the energy needs of hundreds of millions of people across North America and increasingly beyond. We have assets in 41 states, eight provinces, and five countries. This position cannot be replicated. It is a key competitive advantage. From connecting to the best basins and markets to the ties we have with our customers, we strive every day to be the first choice energy provider in North America and increasingly beyond. Part of this super system strength is our ability to interconnect between our businesses. Let me highlight this in three regions: Texas, Ontario, and Ohio.
Each of these areas has an extensive asset footprint: pipelines and renewables in all three jurisdictions and utilities in Ontario and Ohio. This gives us unique local market expertise and the ability to cross-sell services to our customers. Looking at Ontario, gas, hydrogen, blending, and renewable natural gas means we have operational overlap across our business areas. In Ohio, gas utilities, solar, gas transmission, and oil pipelines lead to a strong relationship with communities and customers. And in Texas, our LNG connections, oil experts in pipelines and renewables give us commercial advantages. We also have a strong stakeholder relationship in each of these areas. From decades of experience working with governments and regulators to our thoughtful approach of connecting with communities, we value early engagement, which helps us better understand the communities and customers and, in turn, add value for you, our investors.
As we continue to grow the business, we will maintain our focus on providing you, our shareholders, with value and a disciplined investment framework. That begins with maintaining our capital allocation priorities, protecting the balance sheet, offering a sustainable return on and of capital, and continuing to grow the business. We also believe that our utility-like business model supports our structure with predictable cash flows that are protected from some of the volatility caused by inflation and commodity price swings. Investing in selective and strategic tuck-in acquisitions contributes to supporting a target of annual total shareholder return of 10%-12%, driven by dividends and predictable growth. As you've heard, we're on a solid path and well prepared for the future. Our strategy is the right one, and we plan to continue to make smart investments in both our conventional business and in lower-carbon growth opportunities.
This approach supports our belief that the energy transition must be practical and balanced. Behind all our success is an incredible team of people. They are proud and passionate, and their commitment to safety, customers, stakeholders, and communities is admirable. I'd also like to thank our board of directors for their ongoing guidance and oversight. This includes a special thank you to Dan Tutcher, who is retiring from the board. We will miss his guidance and his insights. A warm welcome to our two new board members, Manjit Minhas and Theresa Jang. Finally, thank you to you, our shareholders, for your continued support. With more than 75 years of success behind us, we're focused on the future. At Enbridge, that future is clear. Tomorrow is on.
We'll now proceed with the general question and answer session. Ms. Morley , Enbridge's Vice President, Investor Relations, will read out any questions that have been submitted for Mr. Ebel to respond to.
No questions have been received, so we will pause for 30 seconds to allow time for questions to be submitted.
Well, listen, thanks very much, everybody. Seeing no questions at this point in time, we look forward to seeing you and speaking with you again throughout the year. I will turn things over to the chair, who can conclude today's proceedings.
Thank you, Greg. Thank you to everyone again for attending today's meeting. We truly value your time and commitment to our company. You may now disconnect from the broadcast. Thank you for your support once again.