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Canadian Pacific today released its first comprehensive Climate Strategy, which charts a path to reduce greenhouse gas emissions, adapt operations to the physical risks of climate change and further position the Class I as a leader in the transportation sector's transition to a low-carbon future.
Building on CP's Climate Change Commitment announced last year, the Climate Strategy outlines the company's approach to drive innovative climate action and a measured response to emerging climate-related risks impacting the rail sector, CP officials said in a press release.
The Climate Strategy outlines CP's objectives across five strategic pillars: establishing a clear understanding of climate-related risk and opportunities; reducing the company's carbon footprint; adapting operations to the physical risks of climate change; integrating climate factors across the business; and engaging with stakeholders on climate action.
To guide implementation of the Climate Strategy, CP has established two science-based emissions reduction targets that address 100 percent of CP's Scope 1 and Scope 2 emissions, and more than half of Scope 3 emissions. CP commits to reducing Scope 1, 2 and 3 GHG emissions intensity of its locomotives by more than 38% by 2030. Locomotive operations represent CP's largest source of emissions. To support decarbonization across all operations, CP also commits to reducing absolute Scope 1 and Scope 2 GHG emissions from non-locomotive operations by in excess of 27% by 2030.
"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," said CP President and Chief Executive Officer Keith Creel.
CP's Climate Strategy, and supporting science-based emissions reduction targets, have been developed in alignment with the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature increases to well below 2°C.