Enbridge Inc. has set a 2022 budget of C$1.1 billion ($880 million) to expand “newly sanctioned growth projects” for natural gas, oil and power generation operations in Canada, the United States and in Europe, President Al Monaco said Tuesday.

During the annual investor day, Monaco and the management team detailed initiatives through 2024 to expand infrastructure and fund the emerging low-carbon business. 

“We’re confident that our assets will be an integral source of energy supply for decades to come and are excited by the future low-carbon investment opportunities that we see,” Monaco said. Overall corporate growth in the near term is “focused on enhancing existing asset returns, modernizing our assets, and low capital intensity opportunities within our conventional...