Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]To ensure broad alignment across the business, CP released the company's first public statement on climate change, which acknowledges the effects of rising global temperatures and lays out the company's commitment to ongoing efforts to mitigate these impacts.
The statement outlines the following key principles:
1) CP commits to support the goals of the Paris Agreement, which seek to limit global temperature rise to well below 2 degrees Celsius above pre-industrial levels.
2) CP aligns with recognized initiatives that bring governments, sectors and companies together, such as the Pan-Canadian Framework on Clean Growth and Climate Change plan and the resulting Greenhouse Gas Pollution Pricing Act (Canada), to the extent that they apply to CP's operations, as well as the Task Force on Climate-related Financial Disclosures.
3) CP supports "public policy aimed at reporting and reducing emissions and lowering the impact of the freight rail sector on the environment."
In 2021, CP developed a Climate Strategy to focus on the Company's climate actions on innovation, collaboration and thought leadership. A key component of the Climate Strategy is to drive internal alignment while engaging suppliers, customers, rail transportation peers and policymakers to help lead industry-wide change. This involves strategic engagements to support our Climate Strategy, including topics related to cap and trade, carbon taxes, fuel efficiency standards, renewable fuel standards and emissions reporting programs.
CP's Climate Commitments, Climate Strategy and overall sustainability policies are reviewed with CP's Executive team and the Board level Risk and Sustainability (RSC) Committee. Climate Commitments and Climate Strategy are approved by the Board, while CP sustainability policies are approved by the President & CEO for company-wide alignment. CP's cross-functional Sustainability Steering Committee (SSC) oversees the implementation of CP's Climate Strategy and sustainability policy commitments. The SSC, consisting of several senior CP leaders, receives regular updates on sustainability planning and policy objectives and reviews implementation across CP's most material environmental, social and governance topics, including climate change. This committee oversees the implementation, monitoring and reporting of sustainability and climate change performance. Activities are also reported to the Board level RSC to ensure consistency with the company's Climate Strategy.