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MONTREAL, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of CN (TSX: CNR) (NYSE: CNI) is pleased to announce it will seek an annual advisory vote on the Company’s climate action plan. The non-binding vote will take place at CN’s Annual General Meeting of Shareholders starting in April 2021.
“CN supports the Paris Agreement and is proud to be part of the climate solution, including being amongst the leading companies globally to enable shareholders to vote on the Company’s climate action plan.”
-Robert Pace, chair of the Board of CN
CN’s climate action plan includes annual disclosure of greenhouse gas emissions aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), a science-based 2030 emission intensity reduction target, and annual progress updates.
“CN supports the TCFD’s recommendations and through our climate action plan, we are working to mitigate and adapt to climate risks and opportunities to drive sustainable trade across global supply chains. Innovations in fuel-efficient locomotives, rail technology, and data analytics, combined with enhanced operating practices and cleaner fuels have made us an industry leader, and are key to achieving our short and medium term emission targets. As we look to 2030 and beyond, we recognize the need for new locomotive propulsion technology. Achieving net zero for freight locomotives is an industry challenge and we encourage collaboration amongst our industry peers, governments, and supply chain partners.”
-JJ Ruest, president and chief executive officer
CN has had long-standing and robust climate change disclosures, publicly reporting its greenhouse gas emissions, its strategy to reduce emissions, as well as its year-over-year progress, on an annual basis, since 2009 through its CDP report. In 2020, CN’s actions to reduce emissions, mitigate climate risks and to develop the low-carbon economy resulted in CN being one of only three Canadian companies listed on CDP’s prestigious Climate A List.
In 2018, CN aligned its climate change disclosures with the TCFD’s recommendations and disclosed the information in its Delivering Responsibly sustainability report. In November of 2020, CN became an official supporter of the TCFD, and released its first stand-alone TCFD report, a first in the North American rail sector.
CN took its place amongst the first 150 companies globally to set an approved science-based carbon emission intensity reduction target in 2017, aligned to a 2-degree scenario. CN is currently in the process of updating its target to align with the latest climate science.
CN has a strong track record of fuel and carbon efficiency, and has improved locomotive emission intensity by approximately 40% since 1993. To this day, CN remains the North American rail industry leader, consuming approximately 15% less locomotive fuel per gross ton mile versus the average of its Class 1 railway peers.
CN supports the Government of Canada’s commitments under the Pan-Canadian Framework for Clean Growth and Climate Change, and its vision for green and innovative transportation. CN, in collaboration with government and industry, is actively developing a comprehensive 2050 pathway to reduce emissions produced by the railway sector by identifying opportunities to advance clean technology, clean fuels, and innovation through research, policy and programs.
To learn more about how CN is taking a leadership role in the transition to a lower carbon economy, please refer to CN’s climate disclosures, which are available on the Company’s website: https://www.cn.ca/en/delivering-responsibly/
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.