UPDATE - CN Becomes Supporter of Task Force on Climate-related Financial Disclosures

Rhea-AI Summary

CN Supports Climate Disclosures

MONTREAL, Nov. 23, 2020 – CN (CNI) announces its formal support for the Task Force on Climate-related Financial Disclosures (TCFD), becoming the first North American railroad to do so. This commitment is backed by its inaugural TCFD report, which details how CN incorporates climate risks into its operations. The company has reduced locomotive emission intensity by 40% since 1993 and aims to further decrease its GHG emissions, reflecting its dedication to sustainability in transportation.

Positive

• CN is the first North American railroad company to support the TCFD framework.
• Released its inaugural TCFD report detailing climate risks management.
• Reduced locomotive emission intensity by 40% since 1993, avoiding 46 million tons of carbon.
• Consuming approximately 15% less locomotive fuel per gross ton-mile than peers.

Negative

• None.

Report Marks New Milestone for Sustainability for Railroad Industry

MONTREAL, Nov. 23, 2020 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Monday, November 23rd at 0900AM ET, please note that the link in the second paragraph has been updated. The corrected release follows:

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 (link). 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 CN
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 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) 399-7956 media@cn.ca	(514) 399-0052 investor.relations@cn.ca

FAQ

What is CN's recent announcement regarding climate disclosures?

CN has announced its support for the Task Force on Climate-related Financial Disclosures (TCFD).

When did CN release its TCFD report?

CN released its TCFD report on November 23, 2020.

How has CN reduced its locomotive emissions?

CN has reduced its locomotive emission intensity by 40% since 1993.

What is the significance of CN's TCFD support?

CN is the first North American railroad to support TCFD, aligning its disclosures with global standards.

How much fuel does CN consume compared to its peers?

CN consumes approximately 15% less locomotive fuel per gross ton-mile than average Class 1 peers.