Pipeline giant Enbridge Inc. will accelerate investments in low-carbon technologies as the war in Ukraine drives global concerns about energy supply and security, chief executive Al Monaco said Friday.

Monaco91裸聊视频檚 comments came the same day that Calgary-based Enbridge announced plans to partner with Denver-based Humble Midstream LLC on a low-carbon hydrogen and ammonia production and export facility to be located at Enbridge91裸聊视频檚 Ingleside Energy Center near Corpus Christi, Tex.

While a final investment decision will be subject to obtaining sufficient customer support as well as regulatory approval, Enbridge said the goal is to produce hydrogen and ammonia 91裸聊视频� both of which have zero CO2 emissions at point of use 91裸聊视频� for both domestic and global use.

Up to 95 per cent of the CO2 generated in the production process at the facility will be sequestered in newly developed carbon capture infrastructure, Enbridge said.

On a conference call with analysts Friday, Monaco said conventional energy from North America as well as new, clean technologies are urgently needed to help ease geopolitical tensions created by Russia91裸聊视频檚 invasion of Ukraine.

91裸聊视频淣orth America will be the (energy) supplier of choice,91裸聊视频� Monaco said, pointing to this week91裸聊视频檚 news about a proposed ban on Russian oil imports by the European Union.

Monaco said he believes natural gas exports represent the largest opportunity for North America, adding Enbridge is seeing a strong pick up in commercial interest from Asia and Europe to secure export capacity.

Enbridge currently serves four operating LNG (liquefied natural gas) facilities on the U.S. Gulf Coast. Monaco said three more LNG developments in the U.S. 91裸聊视频� Plaquemines LNG, Rio Grande and Texas LNG 91裸聊视频� are moving toward the final investment decision stage and Enbridge has secured projects to serve those facilities if they go ahead.

Monaco said Enbridge will also need to 91裸聊视频減ick up the pace91裸聊视频� on low-carbon investments like renewable natural gas (RNG), hydrogen, and especially, carbon capture and storage.

He called the Trudeau government91裸聊视频檚 recent announcement of a federal tax credit for companies investing in carbon capture projects a step in the right direction. (Enbridge has proposed a carbon capture hub project in Alberta together with partners Capital Power and Lehigh Cement).

On Friday, Enbridge reported first quarter earnings of $1.93 billion compared with $1.9 billion in the same quarter last year.

The profit amounted to 95 cents per share for the quarter ended March 31 compared with 94 cents per share a year ago.

The company said cash provided by operating activities hit $2.94 billion in the first three months of the year, compared with $2.56 billion in the same period of 2021.

On an adjusted basis, Enbridge said it earned 84 cents per share for the quarter, up from an adjusted profit of 81 cents per share in the same quarter last year.

Revenues increased 24 per cent to $15.1 billion from $12.1 billion a year earlier.

Enbridge was expected to earn 85 cents per share in adjusted profits on $13.65 billion of revenues, according to financial data firm Refinitiv.

91裸聊视频� Amanda Stephenson, The Canadian Press