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Canadian Pacific today released its first public statement on climate change to acknowledge the effects of rising global temperatures.
The statement lays out the Class I's commitment to ongoing efforts to mitigate the impacts of climate change. It also expresses support for 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 degrees 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 officials said in a press release.
"CP recognizes the importance of using energy efficiently and reducing the impact our operations have on the environment," said President and Chief Executive Officer Keith Creel. "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."
The Class I continues to align with recognized initiatives such as the Task Force on Climate-related Financial Disclosures. Adopting a framework promoted by the task force, 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 in the future, company officials said.
Through such work, CP intends to integrate climate-related risks into its enterprise risk-management mechanisms and continue to develop strategies for mitigation and adaptation, they said.
The railroad has long focused on energy-saving initiatives as part of its sustainability practices. For example, since 1990, CP has improved locomotive fuel efficiency by more than 40 percent.