New CPKC climate commitment aligned with SBTi Business Ambition for 1.5⁰C and Net Zero
CALGARY, AB, June 8, 2023 /CNW/ – Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (“CPKC”) today announced its commitment to develop a greenhouse gas (GHG) emissions reduction target aligned with a 1.5⁰C future and supporting the global economy to achieve net-zero emissions by 2050.
With this commitment, made following the combination of Canadian Pacific (“CP”) and Kansas City Southern (“KCS”), CPKC joins the Science Based Targets initiative’s (“SBTi”) Business Ambition for 1.5⁰C global campaign, which includes alignment in supporting the global economy to achieve net-zero emissions by 2050.
“This represents an important milestone in the sustainability journey for the new CPKC,” said Keith Creel, CPKC President and Chief Executive Officer. “It comes early in our integration and reaffirms our commitment to operating sustainably as we grow our business for the future. This new commitment builds on the foundational work addressing climate change already underway, including our industry-leading Hydrogen Locomotive Program.”
While we work towards developing a 1.5⁰C aligned emissions reduction target, as an interim measure, CPKC has established a consolidated locomotive emissions reduction target using SBTi’s sectoral-based approach for freight railroads and a well-below 2oC global warming scenario.
The consolidated target for CPKC, which has been recently validated by SBTi, is:
- CPKC commits to reduce scope 1, 2, and 3 well-to-wheel locomotive GHG emissions 36.9 percent per gross ton-miles by 2030 from a 2020 base year.
This consolidated target replaces individual former CP and KCS targets to provide a single SBTi validated target while CPKC continues its ongoing integration work.
“The railroad industry has an important role to play as we transition to a less carbon intensive economy,” Creel added. “CPKC is proud to be playing a leading role as we work towards a more sustainable future for our customers, employees, and the communities we operate in and through.”
This news release includes certain forward-looking statements and forward looking information (collectively, “FLI”) within the meaning of applicable securities laws. Any statements about our expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. FLI in this news release includes, but is not limited to, plans or objectives of management for future operations; information regarding sustainability-related actions we plan to take in the future, including our commitments and targets relating to GHG emissions reduction; plans and expectations regarding our integration of KCS; and our ability to work with governments and third parties in our efforts to mitigate the impacts of climate change; and assumptions underlying or relating to any of the foregoing. FLI is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes or statements regarding an outlook.
FLI is based on current assumptions about our business and our strategy as well as economic, political, regulatory, market and environmental conditions affecting them. Although we believe the assumptions reflected in the forward-looking information presented in this report are reasonable as of the date hereof, there can be no assurance that they may prove to be correct. Readers should not put undue reliance on forward-looking information, as it is not a guarantee of future performance. Forward-looking information involves many inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the factors are detailed from time to time in reports we file with the securities regulators in Canada and with the U.S. Securities and Exchange Commission (SEC) in the United States.
In addition, our environmental, social, governance and sustainability priorities, policies, practices, programs, goals and objectives (including our commitments and targets relating to GHG emissions reduction) remain under development as we continue to refine our analysis of and response to potential future climate and other risks and opportunities, and as the science, data and methodology underlying our analysis and strategy continue to evolve over time.
Further, as we continue to integrate the operations of KCS into ours, we are conducting additional data-gathering and intend to further assess the climate and other environmental, social, governance and sustainability strategies and initiatives for the combined company, and may make changes to our existing strategies and initiatives as a result.
For these reasons, in future disclosures, we may include information that differs from those contained in this report. Unless indicated otherwise or the context otherwise requires, forward-looking information in this report speaks only as of the date hereof. We undertake no obligation to update or otherwise revise any forward-looking information, unless we are required to by applicable law.
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf of México to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR
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