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TCFD Index


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TCFD Index

Task Force on Climate-Related Financial Disclosures (TCFD) Index

Governance

Disclose the organization’s governance around climate-related risks and opportunities.

a) Describe the board’s oversight of climate-related risks and opportunities.

The Canadian Pacific (CP) Board of Directors is responsible for oversight of climate change risks and opportunities.

The Risk and Sustainability Committee of the Board of Directors reviews CP’s short- and long-term sustainability objectives and monitors emerging trends. As outlined in the Committee’s Terms of Reference, the Risk and Sustainability Committee is responsible for reviewing performance against sustainability objectives, plans to improve sustainability practices and reporting, and strategic plans and opportunities to ensure alignment with sustainability objectives and long-term climate strategy. The Risk and Sustainability Committee of the Board meets quarterly and reports relevant issues to the full Board of Directors. Through this structure, CP has established a clear process for the Board’s review of climate-related matters and effective oversight and review of climate-related topics.

In 2020, the Board of Directors established CP’s Climate Commitments outlining a vision for how freight rail will play an integral role in the low-carbon future for North America and CP’s ambition to lead the industry in this transformation. To support the Climate Commitments, the Board recently published CP’s Climate Strategy outlining the Company’s response to climate change across five strategic pillars:

  • Understand CP’s climate-related risks and opportunities.
  • Reduce CP’s carbon footprint.
  • Respond to physical risks from climate change.
  • Integrate climate factors across CP’s business.
  • Engage with CP’s stakeholders.

During the past year, the Board Chair, the Chair of the Risk and Sustainability Committee, and the head of Investor Relations at CP met with 10 of CP’s top shareholders to discuss perspectives on climate change. Shareholders have stated that they appreciate CP’s approach to climate change and transparent communications of key milestones and timelines. CP encourages ongoing engagement with our stakeholder community on all ESG topics material to our business including climate change.

b) Describe management’s role in assessing and managing climate-related risks and opportunities.

CP’s President and CEO, who is a Director on the Board, holds the highest level of responsibility for organizational management and performance related to climate change. The President and CEO sets CP’s broader vision in alignment with the Board of Directors and works with key leaders across the business to deliver results related to sustainability and climate change.

CP’s Senior Vice-President and Chief Risk Officer (CRO) reports to the President and CEO and is responsible for all corporate risk-related functions, including enterprise risk management (ERM), environmental affairs, community and organizational safety, and sustainability policy and performance, including climate-related concerns. The CRO supports the President and CEO to ensure that the corporate vision is translated into operating plans and practices.

CP’s Sustainability Steering Committee drives action and ensures internal engagement on sustainability across the company. The Sustainability Steering Committee is overseen by several senior leaders and executives, including the CRO. The committee meets regularly to discuss sustainability planning and CP’s material environmental, social and governance topics, including climate change. CP’s Sustainability Steering Committee monitors and reports annual performance on material climate topics.

To support the ongoing focus on climate change, CP created a new full-time role dedicated to climate-related efforts. This position will support the effective delivery of processes and tools to facilitate CP’s greenhouse gas (GHG) performance and energy conservation practices. CP is establishing a Carbon Reduction Task Force to progress the Climate Strategy and drive an internal focus on decarbonization across the organization. Through this task force, CP’s industry-leading engineers and operations experts will evaluate potential levers, practices and tools to reduce GHG emissions.

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning.

a) Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term.

Acute physical risk: As a transcontinental railway company, CP’s network is exposed to severe weather conditions and natural disasters such as floods, fires, avalanches, extreme temperatures and precipitation. These events have the potential to cause business interruptions and adversely affect CP’s rail network. Changing climate-related physical conditions such as higher temperatures, intense rainfall and extreme storms may impact CP through delays, disruptions, derailments and other events. These changes can lead to increased costs and liabilities and decreased revenues, which may materially affect operational results, financial condition and liquidity.

Railway operations are at risk of being impacted by changes in precipitation patterns and the frequency of large-scale stormwater runoff events, particularly in floodplains or areas vulnerable to snow avalanches and landslides. Two areas of CP’s rail network at particular risk of precipitation-related events are stretches of track through the Rocky Mountains of Alberta and British Columbia and adjacent to the Mississippi River in the U.S. Midwest. In January and February 2019, CP faced significant challenges related to avalanches and network outages resulting in several service disruptions in the Rocky Mountain Corridor. In 2019, CP’s operations in Davenport, Iowa experienced major flooding from the Mississippi River. In response, the company raised approximately three miles of track by three feet to maintain rail operations during the flood event. By improving network resiliency at locations subject to physical events in the past, CP actively works to mitigate future climate-related risks and reduce rail infrastructure vulnerability.

Market risk (coal and petroleum products): CP’s business is based on transporting a wide variety of commodities from suppliers to the marketplace. A number of the sectors we serve have the potential to be significantly impacted by climate-related transitional risks, including increased regulations, technology changes and shifts in consumer preferences. CP transports energy commodities that serve refineries, processing locations and end-users across North America and global markets. CP’s business lines include thermal and metallurgical coal, crude oil and petroleum products, including liquefied petroleum gas, fuel oil, asphalt, gasoline, condensate (diluent) and lubricant oils.

Shifting consumer demand to lower-carbon products and increased climate-focused regulations, such as carbon pricing and fuel regulations, may instigate a broad transition in the energy sector. A comprehensive transition in the energy sector could significantly impact the markets of CP’s energy customers or lead to market differentiation through geographic variation in policies and demand trends. A subset of CP’s business lines could be materially affected by such a transition, including coal, crude oil and petroleum products. Together, these business lines accounted for 19 percent of CP’s freight revenues in 2020. Potential future changes and instability in these markets represent a significant transition risk to these business lines at CP.

Regulatory (policy) risk: As a fuel-intensive industry, the freight rail sector is exposed to the risk of emerging and escalating carbon pricing regulations. Carbon pricing programs can significantly increase both energy costs and indirect expenses related to purchased goods, materials and electricity required for operations. Approximately 75 percent of CP’s Scope 1 and Scope 2 GHG emissions are generated through our operations in Canada and are currently impacted by carbon pricing programs. CP is subject to multiple carbon taxation systems and cap and trade market mechanisms in the Canadian provinces in which we operate. We regularly monitor carbon pricing systems in these jurisdictions and evaluate our exposure to this transition risk. Most provincial programs align with Canada’s Greenhouse Gas Pollution Pricing Act, which has established a minimum carbon price set to escalate annually until reaching $50/TCO2e in 2022. As the majority of our business is in Canada, we are monitoring our carbon pricing exposure under this planned carbon pricing system.

In most provinces, energy providers and utilities are directly regulated through carbon pricing programs. CP’s carbon costs are generally assessed by our primary fuel suppliers based on fuel purchase transactions. The amount collected by our suppliers follows current regulatory carbon pricing rates multiplied by the total volume of fuel purchased. CP’s carbon costs are also paid to a province as part of tax returns in some locations, based on reported locomotive fuel consumption in a specific region. CP is further exposed to carbon pricing through electricity purchases, where electric utilities pass on carbon costs to customers.

Additionally, CP could be exposed to further business risks if impacts from climate change increase and political focus and consumer preferences shift. North America could undergo a more transformative energy transition under which carbon pricing increases significantly and the U.S. adopts regulations similar to those in Canada. In alignment with this more transformative transition, the Government of Canada has determined that the national carbon price would need to grow from $50 in 2023 to $170 by 2030 to meet Canada’s commitment to the Paris Agreement.

Shift in consumer preferences opportunity: There is increasing demand in North America to ship goods by rail, particularly for intermodal container shipments. From 2000 through 2017, the number of domestic containers transported in the U.S. tripled compared to international container traffic. As demand for shipping grows, CP’s current and prospective customers continue to look for opportunities to reduce the carbon footprint associated with their supply chains, including the transportation of goods. Canada’s freight rail sector accounts for just 1 percent of national GHG emissions while transporting 70 percent of all intercity freight. According to an independent study by the Federal Railroad Administration, moving freight by rail is on average four times more efficient than highway transport, with approximately 75 percent fewer GHG emissions. As customer demand continues to increase for low-carbon services, the inherent carbon intensity advantage of freight by rail over other modes of transportation represents a significant opportunity for CP to generate additional revenue. This opportunity is anticipated to be most pronounced for CP’s intermodal services, where products are readily transitioned from truck transport to freight rail service. Through scenario analysis, CP considered multiple energy transition pathways developed by the International Energy Agency (IEA) to understand potential impacts on the transport sector. The pathways forecasted an increase in freight rail activity in North America, and that in some cases, freight rail services could replace demand for alternative modes such as highway freight transport. A significant increase in North American freight rail demand aligned with the IEA scenario could support a potential growth of CP’s total freight revenues from 2020 through 2030.

Market opportunity (renewable energy products): CP transports a variety of energy-related commodities that are critical to support the transition to renewable energy, such as biofuels. In 2020, CP’s freight revenue from biofuels increased by 12 percent from 2019, reflecting the growing demand for renewable fuel products. Increased regulatory pressure is expected to drive additional growth in biofuel demand, representing an opportunity to grow CP’s business. Several jurisdictions across CP’s Canadian rail network, including British Columbia, Manitoba and Ontario, have proposed changes to regulatory fuel standards. These amendments are expected to increase market demand for ethanol, biodiesel, renewable diesel and other renewable products as fuel suppliers increase renewable fuel blending operations to meet regulatory limits. Specific to ethanol, as of 2020, the Government of Ontario began mandating that all gasoline sold within the provincial market must contain a minimum of 10 percent renewable content. This change in renewable fuel blending standards, up from a 5 percent minimum, is expected to double transportation demand for ethanol products in Ontario.

Sizable expansion of Alberta’s renewable wind energy production has presented a significant market opportunity for CP. CP has played a critical role in this expansion, transporting large wind turbines and specialized generation equipment from manufacturing locations to field operations in Southern Alberta. As demand for renewable wind energy increases, CP’s unique ability to support ongoing wind farm development by leveraging our optimally located rail network, land assets, transportation expertise and ability to connect wind generation equipment manufacturer’s with wind project developers, highlights the potential for increased revenue from wind energy infrastructure transport on the short-, medium- and long-term horizons. In preparing to meet increased consumer demand due to these emerging standards and initiatives, CP conducted scenario analysis in 2020 to evaluate the scope of climate-related opportunities in these expanding markets that align with a climate-driven transformation.

Locomotive emissions reduction opportunity: CP has developed a Climate Strategy to align our approach to climate action with leading scientific practice and policy guidance. As a cornerstone of our Climate Strategy, we have established a science-based emissions reduction target to guide CP’s activities through 2030. CP’s locomotive fleet accounts for more than 90 percent of the fuel needed to run our business. While CP will continue to improve locomotive performance through fuel efficiency improvements and equipment upgrades, achieving the ambitious science-based target will require the exploration of new emissions reduction levers. CP will focus on the efficient use of existing technology and market-ready renewable fuels to meet near-term objectives. The Company will also continue to evaluate alternative propulsion technologies, particularly the hydrogen-based solutions necessary for longer-term reductions in GHG emissions within the freight rail industry. CP is developing North America’s first hydrogen-powered line-haul freight locomotive by retrofitting a diesel-powered locomotive with a combination of hydrogen fuel cells and battery technology to power the locomotive’s traction motors. Hydrogen fuel cell/battery hybrid propulsion technology is being tested worldwide as a viable alternative fuel for the transportation sector, with particular promise for rail and other long-haul heavy freight transportation systems. If proven successful at scale, hydrogen technology can minimize air emissions from locomotives, significantly reduce the GHG footprint of railway operations and offer additional benefits that include reduced operational noise and vibration compared to diesel-electric engines. CP’s program is intended to spur innovation, demonstrate leadership and encourage supply chain collaboration to expedite the advancement of zero-emissions fuel cell technology for the freight transportation sector.

In June 2021, recognizing the potential of the hydrogen locomotive program, the Government of Alberta awarded the company a $15M grant allowing CP to install hydrogen production and fueling facilities and expand from one to three hydrogen locomotive conversions. Once fully operational, CP’s hydrogen locomotive program will demonstrate the technical performance of hydrogen-powered locomotives and supporting fueling infrastructure in real-world operations. The program will generate critical industry knowledge and experience that will inform commercialization and future development.

For additional information regarding CP’s climate related risks and opportunities please see our current response to CDP.

b) Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning.

In July 2021, CP developed a Climate Strategy to focus the company’s climate actions on innovation, collaboration and thought leadership. The Climate Strategy builds on CP’s Climate Statement and outlines our approach to manage potential climate-related impacts across the business. We recognize that a changing climate and related economic impacts can have significant ramifications for our business. To be proactive, we strive to understand possible implications, identify market opportunities and build climate mitigation and adaptation investment measures into our planning processes. The Climate Strategy aims to position CP as a leader while the transportation sector transitions to a low-carbon future.

To respond to the risks and opportunities posed by climate change, and to meet CP’s decarbonization commitments, our Climate Strategy includes actions across five strategic pillars:

  • Understand CP’s climate-related risks and opportunities
  • Reduce CP’s carbon footprint
  • Respond to physical risks from climate change
  • Integrate climate factors across CP’s business
  • Engage with CP’s stakeholders

As part of our Climate Strategy, we established two science-based emissions reduction targets (2019 baseline), including an ambitious target to reduce our locomotive emissions, complemented by a non-locomotive target to address other parts of our business. Our targets are aligned with a well-below 2-degree scenario and provide a vision for our company’s future that is intended to drive innovation and spur the adoption of new technologies and operational practices. Our science-based targets address 100 percent of our Scope 1 and Scope 2 emissions and more than half of our Scope 3 emissions:

  • Locomotive Target (approved by the Science-Based Targets Initiative — SBTi): CP commits to reduce Scope 1, 2 and 3 locomotive well-to-wheel GHG emissions by 38.3 percent per revenue ton-mile* by 2030 from a 2019 base year.
  • Non-locomotive Target: CP will reduce absolute Scope 1 and 2 GHG emissions from non-locomotive operations, including emissions associated with our facilities by 27.5 percent by 2030 from a 2019 base year.

CP is establishing a Carbon Reduction Task Force to lead the internal focus on decarbonization, which will help to improve operational efficiency, support cost-effective mitigation measures and reduce exposure to carbon pricing mechanisms. CP’s industry-leading engineers and operations experts will evaluate potential levers that could reduce GHG emissions. Levers may involve factors such as internal carbon pricing, alternative fuels, renewable energy sources (on-site solar power, green power purchasing), use of electric vehicles and equipment, network modifications and alternative propulsion for locomotives.

CP will report annually to shareholders on the progress of the Climate Strategy. Shareholders are encouraged to provide feedback on our efforts in the form of a non-binding, advisory vote on the progress and any changes we may propose to the CP Climate Strategy.

*Revenue Ton-Mile (RTM) refers to the movement of one revenue-producing ton of freight over a distance of one mile. RTM measures the relative weight and distance of rail freight moved by the company.

c) Describe the potential impact of different scenarios, including a 2°C scenario, on the organization’s businesses, strategy and financial planning.

We undertook our first in-depth climate scenario analysis in 2020. Our scenario analysis considered the following three future climate scenarios:

  1. Business as Usual: No (or limited) significant actions are taken to respond to climate change, current policies remain in place and physical impacts from extreme weather are significant. Overall global warming is expected to be in the range of 5 to 6°C.
  2. Incremental: Most nations try to implement their pledges under the Paris Agreement and progress toward their goals; however, changes are slow, signals are mixed and shared action to raise ambition beyond the Paris Agreement is unrealized. This scenario assumes global warming in the range of 3.0 to 3.5°C.
  3. Transformative: Most countries, especially those with the strongest economies, embrace climate action and low-carbon transition. This puts the world on a path for warming to be well below 2°C by 2050 by quickly changing regulations, markets and technologies. This scenario assumes global warming of 1.7°C.

Through engagements with a wide range of cross-functional stakeholders, expert assessment and literature review, and with reference to the priorities of our suppliers and customers, we identified eight priority climate impacts (including risks and opportunities) for further exploration and detailed financial modelling.

Policy:

  • Carbon Pricing: New or additional carbon pricing could lead to increased costs for CP, which may impact the company’s advantage over competitors.
  • Fuel Efficiency: Rail’s inherent efficiency advantage over trucking may be amplified by regulations such as carbon pricing.

Market:

  • Coal Markets: CP’s revenue may be impacted by a decrease in demand for thermal coal and an increase in demand for metallurgical coal.
  • Energy Markets: Changes in demand for different energy products (petroleum products, crude oil, biofuels and wind generation) may increase or decrease revenue from those sectors.
  • Freight Rail Demand: A focus on decarbonizing the broader transport sector may increase demand for lower carbon transport options, expanding freight rail services and increasing revenue.

Technology:

  • Fuel Switching: Switching railway operations to renewable fuels and/or alternative propulsion such as hydrogen fuel cells can reduce fuel and carbon costs in the medium and long term.
  • Trucking Competition: Technology leading to the decarbonization of highway transport may make it more cost-effective to operate these heavy-duty trucks over long distances, leading to increased competition from trucking in North America.

Physical Impacts:

  • Physical Impacts: Changing physical conditions such as higher temperatures, intense rainfall and more extreme storms may increase (or decrease in some cases) costs for CP due to delays, disruptions, derailments and other events.

Under the Transformative scenario, potential transitional risks to CP include lost revenue or higher costs related to increased trucking competition, rising carbon costs, decreased demand for oil and petroleum products, and decreased demand for metallurgical and thermal coal. However, opportunities for CP were also identified in this scenario, including the competitive advantage of freight rail (higher fuel efficiency compared to road transport), new opportunities with renewable energy markets and significant carbon costs savings, should CP reduce emissions in line with a science-based target. There are clear business benefits associated with decarbonization for CP, which are related to both carbon costs savings and improved competitive advantage.

These findings will help CP prioritize climate-related impacts against other business risks and opportunities, ultimately supporting the integration of climate risks and opportunities within existing business processes and cross-functional decision-making structures.

Risk Management

Disclose how the organization identifies, assesses, and manages climate-related risks.

a) Describe the organization’s processes for identifying and assessing climate-related risks.

CP’s ERM framework allows the company to objectively assess and prioritize organizational risks and opportunities, including climate-related risks. To evaluate climate-related risks, CP conducted a scenario analysis in 2020 to determine how policy, market, technology, reputational and physical risks may manifest under multiple climate scenarios. To stress-test the business and assess its resilience in a low-carbon economy, our scenario analysis included a well-below 2-degree or Transformative scenario. This scenario analysis also considered how impacts may manifest under the Incremental scenario (where climate action is slow and global warming amounts to 3 to 3.5˚C) and the Business as usual scenario (where zero or limited action is taken and global warming amounts to 5 to 6˚C).

The scenario analysis process involved extensive input from internal experts experienced in operations, communications, regulatory compliance, marketing and environmental matters. Based on their understanding of the business, risks and opportunities were evaluated using various international, national and regional databases, including the IEA, Environment and Climate Change Canada, the National Oceanic and Atmospheric Administration and Statistics Canada. Through this process, CP identified and prioritized climate risks financially material to CP’s business in alignment with thresholds set by our ERM program. CP is in the process of integrating prioritized climate-related risks and opportunities into relevant business processes, including (but not limited to) ERM, capital expenditures and strategic planning. Integrating climate factors could include establishing low-carbon budgets and the inclusion of a shadow price on carbon in our capital expenditures process.

b) Describe the organization’s processes for managing climate-related risks.

CP’s Climate Strategy provides the overarching framework for managing our climate-related risks. It encompasses and applies to all of our business operations in Canada and the U.S., and where relevant, contemplates collaboration and engagement with a number of stakeholders within and outside our value chain.

It also addresses CP’s carbon footprint in terms of both direct and indirect GHG emissions (Scope 1 and Scope 2 emissions, respectively), as well as the emissions in our value chain (Scope 3) to the degree that we can influence them. Leading organizations, corporations and national governments are setting science-based targets to support rapid decarbonization across all sectors of the economy. CP has set two science-based emissions reduction targets, including an ambitious target to reduce our locomotive emissions, complemented by a non-locomotive target to address other parts of our business. Our targets are aligned with a well-below 2-degree scenario and provide a vision for our company’s future to drive innovation and spur the adoption of new technologies and operational practices.

To respond to the risks and opportunities posed by climate change and to meet CP’s decarbonization commitments, the Climate Strategy includes actions across five strategic pillars:

  • Understand CP’s climate-related risks and opportunities
  • Reduce CP’s carbon footprint
  • Respond to physical risks from climate change
  • Integrate climate factors across CP’s business
  • Engage with CP’s stakeholders

We are focused on the efficient use of existing technology and market-ready renewable fuels while evaluating alternative propulsion technologies, particularly hydrogen-based solutions necessary for longer-term reductions in GHG emissions from the freight rail industry.

c) Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management.

CP’s ERM program is a hybrid of the ISO 31000 risk management standard and COSO risk management framework, providing principles, processes and guidelines for managing risks. Organizational risks and opportunities are assessed and prioritized every year based on potential impact and likelihood, taking account of financial, safety, environmental, strategic and reputational impacts, as well as existing management measures. This process results in the classification of risks from minimal to catastrophic. For CP, moderate risks are identified as those with a substantive financial impact of at least $100 million in operating costs or an event that requires up to a year of monitoring and recovery. Major risks, likely to result in a significant disruption to business operations such as infrastructure damage related to flooding, fire or other climate-related impacts, are identified as having a financial impact of at least $250 million or extended negative environmental, health and safety or reputational impact on the business. Catastrophic risks cause more than $400 million of financial impact or create long-term and severe consequences. Through this process, CP prioritizes, manages and monitors the top significant risks (typically around 10) on a quarterly basis.

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities.

a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.

The main source of CP’s GHG emissions is associated with the operation of the diesel-powered fleet of locomotives that drive our business. In 2019, the baseline year for our targets, emissions from locomotives comprised 96 percent of our Scope 1 emissions and 80 percent of our combined Scope 1, 2 and 3 emissions. CP has long focused on locomotive fuel efficiency to lower operating costs and reduce the environmental impact of our operations. As outlined on our Sustainably Driven website, we report on:

  • total locomotive fuel consumed
  • locomotive fuel efficiency
  • freight efficiency
  • total energy consumption (by locomotive fuels)
  • scope 1, 2 and 3 GHG emissions (by source and category)
  • locomotive emissions (by source)
  • main track inspections (to ensure resiliency against physical risks)
  • annual reporting to CDP
  • third party emissions verification statements

b) Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks.

MetricUnit20162017201820192020
Direct (Scope 1) GHG emissions 1,000 metric tonnes CO2e 2,7972,8833,0523,1302,988
Indirect (Scope 2) GHG emissions 5348504943
Other Indirect (Scope 3) GHG emissions* ***1,7341,700

Please see our Sustainably Driven website for a full breakdown of our GHG emissions.

*Prior to 2019, CP’s reporting on Scope 3 GHG emissions was limited to business travel. Beginning in 2019, CP expanded GHG reporting to include additional relevant Scope 3 emissions categories of purchased goods and services and capital goods, fuel and energy-related activities, upstream transportation and distribution, and waste generated from operations in 2019. The asterisk (*) indicates that a reporting of these categories within other indirect (Scope 3) GHG emissions relevant to CP is not available for earlier reporting periods.

c) Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.

Setting clear, ambitious and science-based targets is vital to reducing our carbon footprint and delivering on our Climate Strategy. CP has set two science-based emissions reduction targets (2019 baseline) that are aligned with a well-below 2-degree scenario. These targets include an ambitious locomotive target to reduce locomotive emissions and a non-locomotive target to address other segments of the business. These targets provide a vision for our company’s future that is intended to drive innovation and spur the adoption of new technologies and operational practices. Our science-based targets address 100 percent of our Scope 1 and Scope 2 emissions and more than half of our Scope 3 emissions.

CP’s two science-based targets are:

  • Locomotive Target (approved by the Science-Based Targets Initiative — SBTi): CP commits to reduce Scope 1, 2 and 3 locomotive well-to-wheel GHG emissions by 38.3 percent per revenue ton-mile* by 2030 from a 2019 base year.
  • Non-locomotive Target: CP will reduce absolute Scope 1 and 2 GHG emissions from non-locomotive operations, including emissions associated with our facilities by 27.5 percent by 2030 from a 2019 base year.

A total of 80 percent of CP’s GHG emissions are addressed through our locomotive target, including 96 percent of our Scope 1 emissions plus 53 percent of our Scope 3 emissions. In addition, 3.4 percent of CP’s total GHG emissions are captured by this target, including 100 percent of our Scope 2 and 4 percent of our Scope 1 emissions.


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