CN Becomes Supporter of Task Force on Climate-related Financial Disclosures
November 23 2020 - 09:00AM
CN (TSX: CNR) (NYSE: CNI) is pleased to announce its support for
the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD).
CN is the first North American railroad company
to formally support the framework, which promotes more effective
climate-related financial disclosures, joining more than 1,500
organizations globally. Putting words into action, CN is proud to
release its first TCFD report
(https://www.cn.ca/en/stories/20200807-fuel-efficiency/). The
report outlines the incorporation of climate change risks and
opportunities in the management of CN’s business and operations and
our commitment towards a more sustainable future.
“Our 2019 Task Force on Climate-related
Financial Disclosure Report release marks another milestone in our
commitment to support the transition to a low-carbon economy. For
us, an environmentally sustainable future means thinking and acting
in the interests of generations to come. We are working to build a
strong environmental legacy of leadership, by means of
carbon-efficient operations, conserving resources and protecting
and restoring natural ecosystems.”
- JJ Ruest, president
and chief executive officer of CN
CN’s TCFD report reinforces the Company’s
long-standing commitment to transparent disclosure on
Environmental, Social, and Governance (ESG) matters through its
Delivering Responsibility and CDP (Carbon Disclosure Project)
reports. CN’s approach to sustainability disclosure aligns with
international standards, including the UNGC (United Nations Global
Compact), the GRI (Global Reporting Initiative), the SASB
(Sustainability Accounting Standards Board), the UNSDG (United
Nations Sustainable Development Goals), and the World Bank Mobility
Goals. Through its work with the Railway Association of Canada, CN
furthermore supports the Pan Canadian Framework on Clean Growth and
Climate Change.
CN continues to lead the North American rail
industry in fuel consumption, by consuming approximately 15% less
locomotive fuel per gross ton-mile than the average of the Class 1
peers. Since 1993, CN has reduced its locomotive emission intensity
by 40%, avoiding 46 million tons of carbon. With approximately 85%
of its GHG emissions generated from rail operations, the Company
aims to continue to decouple its growth from GHG emissions to
achieve its long-term science-based target and limit and reduce its
absolute direct and indirect emissions.
About the Task Force on Climate-related
Financial Disclosures On December 4, 2015, the Financial
Stability Board established the industry-led Task Force on
Climate-related Financial Disclosures. The TCFD was asked to
develop voluntary, consistent, climate-related financial
disclosures for use by companies in providing information to
lenders, insurers, investors and other stakeholders, which were
published in the TCFD Recommendations Report on June 29, 2017. More
information about the TCFD can be found at www.fsb-tcfd.org.
About CNCN 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 Southern tip of the U.S. 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.
Contacts:
Media |
Investment
Community |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
(514) 399-7956media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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