CP Rail Unveils Climate Strategy, Science-Based Emissions Targets
Canadian Pacific Railway (CP) announced the publication of its first Climate Strategy, outlining the railway’s approach to driving climate action, addressing emerging climate-related risks, and setting targets for reductions in Scope 1, 2 and 3 emissions.
The launch of the new strategy follows the release last year of CP’s first statement on climate change, in which the company committed to pursue efforts to mitigate the impacts of climate change, and to set science-based targets for its GHG emissions reduction goals. In November 2020, following a campaign by activist investor Christopher Hohn’s $30 billion fund, TCI Fund Management, CP committed to take its climate action strategy to shareholders at its AGM and to report annually on its emissions reduction progress.
CP’s strategy includes plans addressing 100% of its Scope 1 and 2 emissions, and more than half of its Scope 3 emissions. The company has committed to reduce the emissions intensity of its locomotives by at least 38% by 2030, across all scopes, and to cut Scope 1 and 2 emissions from non-locomotive operations by more than 27% by that date. According to the company, the new goals were set using methodologies from the Science-Based Targets initiative (SBTi), with the locomotive goal already approved by SBTi.
In addition to carbon footprint reduction, the company’s climate strategy sets out a series of strategic pillars, including understanding climate-related risks and opportunities, responding to risks from climate change, integrating factors from across the business, and engaging with stakeholders. Click here to see the full Climate Strategy.
Keith Creel, CP President and Chief Executive Officer, said:
“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. CP has been in business for 140 years and this collective commitment to sustainability and willingness to integrate new approaches will ensure we have a future as bright as our past.”