"CP's Climate Strategy is ambitious, which we feel appropriately reflects the urgency of the fight against climate change. We look forward to collaborating with government, industry and research partners to create and test the new solutions required to achieve our targets," said
Building on CP's Climate Change Commitment announced last year, CP's Climate Strategy outlines the company's approach to drive innovative climate action and a measured response to emerging climate-related risks impacting the rail sector. The Climate Strategy outlines CP's objectives across five strategic pillars:
- Establishing a clear understanding of climate-related risk and opportunities
- Reducing the company's carbon footprint
- Adapting operations to the physical risks of climate change
- Integrating climate factors across the business
- Engaging with stakeholders on climate action
To guide implementation of the Climate Strategy, CP has established two science-based emissions reduction targets that address 100 percent of CP's Scope 1 and Scope 2 emissions, and more than half of Scope 3 emissions.
- CP commits to reducing Scope 1, 2 and 3 GHG emissions intensity of its locomotives by in excess of 38 percent by 2030. Locomotive operations represent CP's largest source of emissions.
- To support decarbonization across all operations, CP also commits to reducing absolute Scope 1 and Scope 2 GHG emissions from non-locomotive operations by in excess of 27 percent by 2030.
These targets are based on the most current methodology available to the transportation sector through the Science-Based Targets initiative (SBTi) with CP's locomotive target recently approved by SBTi.
CP's Climate Strategy, and supporting science-based emissions reduction targets, have been developed in alignment with the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature increases to well below 2°C. Through this Climate Strategy, CP is taking an industry-leading approach to climate change that addresses impacts to the company, stakeholders and the environment.
CP has already taken significant steps to reduce GHG emissions, including installing a large solar farm at its
As part of CP's overall Sustainably Driven strategy, the company participates in leading sustainability disclosure frameworks including CDP,
CP recently received World Finance's 2021 Sustainability Award for Transportation and was recognized as one of
Note on forward-looking information
This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as "will", "anticipate", "believe", "expect", "plan", "should", "commit" or similar words suggesting future outcomes.
This news release contains forward-looking information relating, but not limited, to, energy transition, demand shifts, the future of the rail and transportation industries, changes in environmental conditions and risks associated with climate change, market impacts, regulatory and policy changes, the anticipated timing and successful completion of CP's planned development of a hydrogen-powered locomotive, CP's operations, priorities and plans for the establishment and achievement of certain environmental and sustainability targets for reductions in GHG emissions (including targets for 2030) and related matters.
The forward-looking information contained in this news release is based on current expectations, estimates, projections and assumptions, having regard to CP's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: the fuel efficiency of railways and CP's operations; CP's ability to implement certain initiatives, including emissions targets, scenario analyses, risk mitigation strategies, changes to enterprise risk management and internal carbon pricing mechanisms; future investments in and the availability of carbon emissions-reduction tools and technologies including through CP's fleet modernization program and technology upgrades; the impacts of existing and planned capital investments; CP's ability to work with governments and third parties to mitigate the impacts of climate change; North American and global economic growth; commodity demand growth; agricultural production; commodity prices and interest rates; performance of our assets and equipment; applicable laws, regulations and government policies; the availability and cost of labour on the timelines anticipated and with the capabilities required, as well as the availability and cost of services and infrastructure; the satisfaction by third parties of their obligations to CP; the anticipated impacts of the novel strain of coronavirus (and the disease known as COVID-19); and capital investments by third parties. Although CP believes the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. By its nature, CP's forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from the forward looking information, including, but not limited to, the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical stability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among
The forward-looking information contained in this news release is made as of the date hereof. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.
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