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CP earns top score on 2022 CDP climate change disclosure

Canadian Pacific (TSX: CP) (NYSE: CP) today announced it has been named to CDP’s A List for the second consecutive year, placing the company in the CDP leadership group of companies leading action on climate change globally. With over 18,700 companies disclosing through CDP in 2022, CP is proud to be among the exclusive group of companies on the A List recognized as global leaders.  

The CDP score is based on CP’s performance data in 2021, which included enhanced disclosure on board-level oversight of climate-related issues, the company’s climate transition plan and science-based greenhouse gas (GHG) emissions reduction targets.

“Being named to the A List once again is a significant accomplishment that reflects our commitment to comprehensive environmental disclosure,” said Keith Creel, CP’s President and Chief Executive Officer. “We are proud to be recognized by CDP as a leader in corporate sustainability. We continue to build on the foundation we set in 2021 with the establishment of our climate strategy and GHG emissions reduction targets.” 

Over the past year, CP’s efforts to advance its climate strategy included further embedding climate considerations in the business through the application of an internal price on carbon and active engagement of CP’s Carbon Reduction Task Force in decision making. CP’s ongoing engagement with stakeholders on climate change includes its recently released carbon emissions calculator, which enables its customers to estimate GHG emissions of shipping their freight by rail with CP.

CDP is an international nonprofit organization that annually assesses organizations on environmental performance and transparency. CP is a long-standing CDP participant, annually disclosing on progress to strategically reduce GHG emissions across its operations and value chain. Disclosure to CDP reflects CP’s commitment to transparency and complements the company’s broader reporting on its climate actions and efforts to support the transition to a low-carbon economy. 

On Dec. 12, CP announced it was included in the Dow Jones Sustainability World Index (DJSI World) for the first time and in the North America Index (DJSI North America) for the third consecutive year.

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Note on forward-looking information

This news release includes certain forward-looking statements and forward looking information (collectively, FLI). FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "seek", "forecast", "plan", "intend", "will”, "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. 

This news release contains FLI relating, but not limited, to: GHG emissions targets; sustainability principles and the UN Sustainable Development Goals; the anticipated impacts of such developments on CP's operations, priorities and plans, and certain anticipated future strategies, plans and goals relating to sustainability.

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. We can provide no assurance that CP's plans to maintain our sustainability performance or reduce GHG emissions per our commitments and aspirations will be viable or successful. The primary risks associated with achieving these commitments could include but are not limited to (a) future investments in and the availability of carbon emissions-reduction tools and technologies, (b) CP's ability to work with governments and third parties to mitigate the impacts of climate change, (c) domestic and international economic conditions, including exchange rates, (d) the effects of competition and regulation, (e) uncertainties in the financial markets, (f) capital spending, (g) actions of vendors, (h) the willingness of customers to acquire our services, (i) cost of network expansion, maintenance and retrofits, (j) physical impact of climate change on our business (k) changes in carbon markets, (l) evolving sustainability strategies and (m) scientific or technological developments. The commitments are subject to the successful implementation of the actions and plans outlined in the Climate Strategy as well as the accuracy of the assumptions in the science-based methodology used to calculate these targets.

By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the fuel efficiency of railways and CP's operations; CP's ability to implement certain initiatives, including emissions targets, scenario analyses, risk mitigation strategies, changes to enterprise risk management and internal carbon pricing mechanisms; future investments in and the availability of carbon emissions-reduction tools and technologies including through CP's fleet modernization program and technology upgrades; the impacts of existing and planned capital investments; CP's ability to work with governments, nations and other third parties to mitigate the impacts of climate change and reach global climate change targets; the possibility of eliminating emissions from freight train operations; North American and global economic growth; commodity demand growth; agricultural production; commodity prices and interest rates; the performance of CP's assets and equipment; applicable laws, regulations and government policies; the availability and cost of labour on the timelines anticipated and with the capabilities required, as well as the availability and cost of services and infrastructure; sufficiency of CP's budgeted capital expenditures in carrying out CP's business plan; the satisfaction by third parties of their obligations to CP; the impacts of the novel strain of coronavirus (and the disease known as COVID-19); and capital investments by third parties. Although CP believes the expectations, estimates, projections and assumptions reflected in the FLI presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

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 Statements" in CP's annual and interim reports on Form 10-K and 10-Q.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

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 to see the rail advantages of CP. CP-IR



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Maeghan Albiston

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