CALGARY,
AB, June 8, 2023 /PRNewswire/ - 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."
Forward looking
information
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.
About CPKC
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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SOURCE CPKC