CANADIAN Pacific (CP) published its first comprehensive Climate Strategy on July 26 detailing a path to reduce greenhouse gas (GHG) emissions and how operations can be adapted to the physical risks of climate change.
The Class 1 railway admits locomotive operation represent its largest emission source but has committed to reducing Scope 1-3 GHG emissions from its locomotives by more than 38% by 2030. It also plans to reduce GHG emissions from non-locomotive operations by more than 27% by 2030.
“CP's Climate Strategy is ambitious, which we feel appropriately reflects the urgency of the fight against climate change,” says Mr Keith Creel, CP president and chief executive.
The strategy follows the company’s Climate Change Commitment announced last year, and outlines the aim of driving innovative climate action and a measured response to
emerging climate-related risks impacting the rail sector 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.
CP has established two science-based emissions reduction targets designed to address 100% of its Scope 1 and Scope 2 emissions, and more than 50% of its Scope 3 emissions.
The 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. These seek to limit global temperature increases to well below 2°C.
Already CP has installed a large solar farm at its Calgary corporate campus that can generate more power than consumed annually by the main headquarters building. The railway is also working on a hydrogen locomotive programme and is currently having a locomotive manufactured that will be powered by fuel cells and batteries.