CDP recognizes CP for its leadership on climate action

December 8, 2020

By: The Working Forest Staff

CALGARY, AB, CNW — Canadian Pacific Railway Limited has announced 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.

 

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