CALGARY, AB, Dec. 8, 2020 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) is proud to announce that it
received a leadership level score of A- from CDP for its 2020
climate change disclosure. This accomplishment represents a
significant milestone in CP's journey to integrate climate-related
risks and opportunities into the company's sustainability programs
and reporting practices.
"We are proud to be recognized by CDP as a leader in taking
action to confront climate change," said Keith Creel, CP's President and Chief Executive
Officer. "A leadership level score of A- from CDP is a reflection
of our efforts to position CP for a sustainably-driven future by
implementing climate action within our own operations, while
engaging with our value chain to enable positive change beyond our
organization."
Key highlights from CP's 2020 CDP submission include:
- CP released its first public statement on climate change,
demonstrating its commitment to take action and meet the challenge
of climate change. 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.
- CP committed to establishing a science-based emissions
reduction target to guide its climate action.
- CP released its 2019 Sustainability Data Supplement, which
included for the first time the company's full Scope 3 greenhouse
gas (GHG) emissions, an important step to understanding the broader
impacts of CP's business.
- CP conducted a comprehensive scenario analysis in 2020 to
understand the full range of possible climate change impacts to our
business and align with the recommendations of the Task Force on
Climate-related Financial Disclosure (TCFD).
CDP is an internationally recognized non-profit organization
that runs a global environmental disclosure platform assessing
companies on their climate-related performance and transparency. CP
has been a contributing participant to CDP 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.
CP's leadership in sustainability was recognized by several
organizations in 2020. CP was named one of Canada's Best Diversity Employers for 2020,
while Corporate Knights Magazine included the company on its Best
50 Corporate Citizens list. CP was also recognized as a
sustainability leader in the transportation industry for its
efforts in the transition to a low-carbon economy by World Finance
Sustainability Awards 2020.
These achievements culminated with CP being added to the 2020
Dow Jones Sustainability Index (DJSI) North America in November. The index measures
corporate sustainability leaders' performance through a
comprehensive assessment of economic, environmental and social
criteria.
CP will continue to build on this progress and deliver on its
ambitious vision for sustainability in 2021. Initiatives will
include formalizing the integration of climate-related risks into
the enterprise risk-management process, developing CP's strategy
for mitigating risk, pursuing opportunities and increasing CP's
operational resilience under various climate change scenarios.
Recognizing the global nature of the fight against climate change,
CP aims to align with recognized initiatives that bring
governments, sectors and supply chains together to support the
goals laid out in the Paris Agreement.
For more information about CP's sustainability initiatives,
including the 2020 CDP climate change response, please visit
sustainability.cpr.ca.
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information 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.
Forward-looking information may contain statements with words or
headings such as "will", "anticipate", "believe", "expect", "plan",
"should", "commit" or similar words suggesting future outcomes.
This news release contains forward-looking information relating,
but not limited, to, CP's operations, priorities and plans, certain
targets and goals relating to sustainability and the anticipated
impacts of achieving such sustainability targets.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating 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; CP's ability to work with
governments and third parties to mitigate the impacts of climate
change; North American and global economic growth; commodity demand
growth; agricultural production; commodity prices and interest
rates; performance of our assets and equipment; applicable laws,
regulations and government policies; the availability and cost of
labour, services and infrastructure; the satisfaction by third
parties of their obligations to CP; the anticipated impacts of the
novel strain of coronavirus (and the disease known as COVID-19);
and capital investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; uncertainties of
investigations, proceedings or other types of claims and
litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. The
foregoing list of factors is not exhaustive. These and other
factors are 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 -
Forward-Looking Statements" in CP's annual and interim reports on
Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. 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