CP releases climate change statement; reiterates commitment to sustainability
Jul 30, 2020, 08:41 ET
CALGARY, AB, July 30, 2020 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: 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 recognizes the importance of using energy efficiently and reducing the impact our operations have on the environment," said Keith Creel, CP President and Chief Executive Officer. "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."
CP continually aims to align with recognized 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, CP has completed a detailed analysis of possible global warming scenarios to fully explore the range of potential climate change risks and opportunities facing the organization, now and into the future. Through this work, CP 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, CP has improved its locomotive fuel efficiency by more than 40 percent 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 CP 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.
For more information about CP's sustainability practices and initiatives, visit sustainability.cpr.ca.
Note on forward-looking information
This news release contains certain forward-looking information within the meaning of applicable securities laws relating to CP's operations, priorities and plans for the establishment and achievement of certain environmental and sustainability targets for reductions in greenhouse gas emissions. Forward-looking information is indicated by words such as "commitment", "aim", "anticipate", "believe", "expect", "plan", "will", "intend", "target", "should" or similar words suggesting future outcomes. Forward-looking information also 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. Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance.
By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking information, including but not limited 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, and CP's ability to work with governments and third parties to mitigate the impacts of climate change, as well as additional factors detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in CP's annual and quarterly reports filed on Form 10-K and 10-Q, respectively, including CP's annual report filed on Form 10-K for the period ended December 31, 2019 and quarterly report filed on Form 10-Q for the period ended June 30, 2020.
The forward-looking information contained in this news release is made as of the date hereof. Forward-looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CP. 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.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
SOURCE Canadian Pacific