CP releases Sustainably Driven, its 2018 corporate sustainability report and new framework for long-term, sustainable growth
23 Dec, 2019, 18:22 ET
CALGARY, Dec. 23, 2019 /CNW/ - (TSX: CP) (NYSE: CP) today announced the release of Sustainably Driven, its 2018 corporate sustainability report and new framework for sustainability reporting, highlighting the company's successes and achievements in the areas of safety, operational excellence and social impact.
Developed based on a comprehensive stakeholder materiality assessment conducted by CP in 2018, Sustainably Driven articulates the company's commitment to aligning business practices with clear sustainability goals and objectives.
"Sustainably Driven further solidifies our commitment to incorporating sustainability in all aspects of our business," said Keith Creel, CP President and Chief Executive Officer. "As part of this transformational journey, we will continue to actively manage the carbon footprint associated with our operations and govern our business in a transparent, ethical and accountable manner, to the benefit of all our stakeholders."
Key sustainability achievements highlighted in the report include:
- In 2018, CP continued to lead as North America's safest Class 1 railway with the lowest Federal Railroad Administration (FRA) reportable train accident frequency, for the 13th consecutive year.
- CP achieved an 11 percent decrease in 2018 FRA-reportable employee personal injuries, compared to 2017.
- CP posted record revenues of $7.3 billion and recorded its lowest yearly operating ratio of 61.3 percent, at year-end 2018.
- CP reduced fuel consumption and emissions, achieving its highest fuel efficiency to date, at year-end 2018; 16.4 percent lower than the North American Class 1 freight railway average. Since 1990, CP has improved fuel efficiency by 43 percent.
- CP invested approximately $7 million in wastewater infrastructure capital over the course of 2018 to improve operational efficiencies, including commissioning two new industrial wastewater treatment plants constructed in Montreal and Winnipeg.
- CP celebrated the 20th anniversary of the CP Holiday Train. In 2018, the program raised more than $1.6 million and helped collect over 250,000 pounds of food, for food banks across Canada and the U.S.
- In 2019, CP became the first Class 1 railway in North America to appoint a woman as chair of its Board of Directors.
- Since 2017, CP has raised approximately $834,000 in support of the Homes for Heroes Foundation and its initiative of building homes for homeless veterans, through CP's annual Spin for a Veteran event. In 2019 alone, Spin for a Veteran raised more than $530,000.
CP follows best practices for disclosure. This report was prepared in accordance with the Global Reporting Initiative Standards and also integrates a number of disclosures from the Sustainability Accounting Standards Board Rail Transportation Framework.
The report is available online through CP's new sustainability.cpr.ca website.
As a core component of its sustainability practices, CP has been a contributing participant to the CDP (formerly the Carbon Disclosure Project) since 2010, disclosing the company's ongoing practices to improve the management of green house gas emissions and energy efficiency. CP's 2019 CDP Climate Change Questionnaire Response submission is now available.
Note on forward-looking information
This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as "financial expectations", "key assumptions", "anticipate", "believe", "expect", "plan", "will", "outlook", "should" or similar words suggesting future outcomes. This news release contains forward-looking information relating, but not limited to, CP's sustainability commitments and practices, including management of greenhouse gases associated with its operations and the governance of CP's business, and anticipated benefits to CP's stakeholders.
The forward-looking information contained in this news release is based on current expectations, estimates, projections and assumptions, having regard to CP's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: foreign exchange rates, effective tax rates, land sales and pension income; North American and global economic growth; commodity demand growth; sustainable industrial and agricultural production; commodity prices and interest rates; performance of our assets and equipment; sufficiency of our budgeted capital expenditures in carrying out our business plan; our ability to complete our capital and maintenance projects on the timelines anticipated; applicable laws, regulations and government policies; the availability and cost of labour, services and infrastructure; market demand for CP's services; our ability to establish and maintain our relationships with key third parties; and the satisfaction by third parties of their obligations, including to CP and under applicable regulatory regimes. Although CP believes the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. By its nature, CP's forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from the forward looking information, including, but not limited to, the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped via CP; inflation; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; climate change; and various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Information" in CP's annual and interim reports on Form 10-K and 10-Q.
The forward-looking information contained in this news release is made as of the date hereof. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
SOURCE Canadian Pacific
For further information: Media: Jeremy Berry, 403-319-6227, [email protected], [email protected]; Investment Community: Maeghan Albiston, 403-319-3591, [email protected]
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