Railroad News

CN listed on Dow Jones Sustainability World Index for 10th consecutive year

Rail News Home Canadian National Railway - CN 11/17/2021 Rail News: Canadian National Railway - CN
image CN today announced it has been included on the Dow Jones Sustainability World Index (DJSI World) for the 10th consecutive year, and is also on the North America Index for the 13th straight year. The world index represents the top 10% of the world’s 2,500 largest companies (as evaluated by S&P Global), while the North America index represents the top 20% of North America’s 600 largest companies that demonstrate sustainability initiatives. Dow Jones' corporate sustainability assessment evaluated the economic, environmental and social criteria for meeting index designation. CN’s environmental, social and governance (ESG) targets and goals include the following:
• Reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 43% per million gross ton miles and reduce Scope 3 GHG emissions from fuel- and energy-related activities 40% per million gross ton miles by 2030 from a 2019 base year;
• Interim 6% intensity-based reduction in locomotive GHG emissions by 2022 from a 2017 base year;
• Reduce Criteria Air Contaminants intensity by 6% by 2022 from a 2017 base year;
• Eliminate serious injuries and fatalities from the workplace and reduce train accidents;
• Attain by 2022 and thereafter maintain an executive management team in which at least 30% are women; and
• Attain by 2022 and thereafter maintain a board composition in which at least 50% of the non-management board members come from diverse groups "Our inclusion in the Dow Jones Sustainability indices for both North America and the world validates our ongoing commitment to be a sustainability leader and is the result of the hard work and dedication of our railroaders," said CN President and CEO JJ Ruest in a press release. "We will continue to take meaningful steps towards our goal to be the safest and most carbon‑efficient, operationally effective and customer‑centric railroad in North America."

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CN commits to achieving net-zero carbon emissions by 2050

Rail News Home Canadian National Railway - CN 11/12/2021 Rail News: Canadian National Railway - CN
image CN today announced it has signed the "Business Ambition for 1.5°C" pledge, and has joined the  net-zero carbon emissions by 2050. The 1.5°C scenario is the concept that global warming could be limited to only a 1.5° Celsuis increase by sharply reducing carbon emissions and fossil fuels usage, as well as building more alternatives to produce renewable energy, among other measures to protect the environment. CN is the first North American railroad to commit to the Business Ambition and join the United Nations’ Race to Zero campaign, CN officials said in a press release. CN recently purchased a battery-electric locomotive for a joint pilot program and has announced other relevant partnerships that seek to minimize the environmental impacts of CN operations. CN first set an approved science-based target in 2017, which was reaffirmed earlier this year.  In April, the Science Based Targets initiative (SBTi) approved CN’s pledge to reduce scope 1 and 2 GHG emissions by 43% per million gross ton miles by 2030 from a 2019 base year, and to reduce scope 3 GHG emissions from fuel- and energy-related activities by 40% per million gross ton miles by 2030 from a 2019 base year. The company will focus on five key initiatives to meet its goals: investing in locomotive fleet renewals; increasing the use of fuel-efficient technologies; leveraging big data analytics; enhancing operating practices; and expanding the use of cleaner fuels. "CN has a strong track record of fuel and carbon efficiency and, in 2020, achieved its best locomotive fuel efficiency ever — over 4% better than the previous record set in 2019 — which avoided approximately 275,000 tonnes of emissions," said CN President and CEO Jean-Jacques Ruest. "We will continue to decarbonize our operations and, in turn, will enable our customers to reduce their transportation supply chain emissions."

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CN, Progress Rail to test renewable fuel blends

Rail News Home Canadian National Railway - CN 11/3/2021 Rail News: Canadian National Railway - CN
image CN and Progress Rail today announced they're partnering with Renewable Energy Group (REG) to test high-level renewable fuel blends, including both biodiesel and renewable diesel. Trials and qualifications of up to 100% bio-based diesel fuel are important steps in reducing greenhouse gas (GHG) emissions from CN’s existing locomotive fleet, while alternative propulsion locomotive technologies are being developed, CN and Progress Rail officials said in a joint press release. The program will allow CN and Progress Rail to better understand the long-term durability and operational impacts of renewable fuels on locomotives, especially in cold weather, and plan needed modifications to fully leverage their usage over the next decade, they said. Rail has the potential to reduce the environmental impact of transportation services, as shipping heavy freight by rail can reduce carbon emissions by up to 75% when compared to trucks. Looking to 2030 and beyond, reducing fossil carbon emissions associated with rail transportation will continue to require innovative fuel-efficient technologies, the greater use of cleaner sustainable fuels and designing innovative low emission supply chain solutions through investments and collaboration, they added.

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CN issues shareholder letter to counter TCI claims

Rail News Home Canadian National Railway - CN 11/2/2021 Rail News: Canadian National Railway - CN
image CN today issued a letter to shareholders in connection with its upcoming special meeting slated for March 22, 2022, and in response to recent materials filed by CIFF Capital and TCI Fund Management (collectively TCI). The letter outlines what CN's board and management team believe are TCI's "misleading claims" about the company, which CN officials said have been "disruptive" to the railroad's "sustainable value creation efforts." TCI — the largest shareholder of Canadian Pacific, CN's direct competitor — recently increased its stake in CN so that it could launch a hostile effort to replace four of CN's independent board directors and direct the selection of the company's next executive officer. "We believe that as you come to learn more about TCI and its plans for CN, you will see that its motives are highly suspect and its approach to railroading is outdated, myopic and destructive to longer term value," CN's letter states. A copy of CN's letter can be accessed by clicking here.

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CN announces Ruest's retirement, Q3 financial results

CN yesterday announced Jean-Jacques "JJ" Ruest will retire as president and CEO and as a board member at the end of January 2022 or a later time when a successor is appointed.

Ruest has been with CN for over 25 years and served as CEO since 2018.

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