Canadian Pacific Railway Ltd (CP) has released its first public statement on climate change. The statement acknowledges the effects of rising global temperatures and lays out CP’s commitment to ongoing efforts to mitigate the impacts.
The statement supports the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature rise to well below 2°C above pre-industrial levels. In support of this initiative, CP will establish a science-based emissions reduction target to guide its climate action.
“CP recognises the importance of using energy efficiently and reducing the impact our operations have on the environment,” said Keith Creel, CP President and CEO. “Our company is committed to doing more, and through targeted investments in technology and innovation, we will continue to serve as an industry leader when it comes to sustainability. We will meet the climate change challenge with the same commitment to service and excellence the CP family brings to everything we do.”
The company continually aims to align with recognised initiatives that bring governments, industry and suppliers together, such as the Task Force on Climate-related Financial Disclosures (TCFD). Adopting a framework promoted by the TCFD, it has completed a detailed analysis of possible global warming scenarios to fully explore the range of potential climate change risks and opportunities facing the organisation, now and into the future. Through this work, the company intends to integrate climate-related risks into its enterprise risk-management mechanisms and continue to develop strategies for mitigation and adaptation.
CP has long focused on energy-saving initiatives as a core component of its sustainability practices. Since 1990, the company has improved its locomotive fuel efficiency by more than 40% through many different initiatives and programs designed to improve fuel economy and reduce air emissions. The application of leading practices, emerging tools and relationship building across the value chain and industrial sector, will remain critical as the company addresses the challenges of climate change.
CP has been a contributing participant to CDP (formerly the Carbon Disclosure Project) for over a decade, consistently disclosing annual emissions, progress made on practices to improve the management of greenhouse gas emissions and ongoing energy efficiency initiatives.
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