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
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SOURCE Canadian Pacific