CALGARY, AB, Aug. 12, 2020 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) has begun work to install a solar energy farm at its
corporate headquarters in Calgary.
The installation is expected to generate more power than consumed
annually at CP's main headquarters building by early 2021.
The project, which will be built over five hectares and see 500
parking stalls covered and a solar garden created, will generate up
to five megawatts of electricity while avoiding an estimated 2,600
tonnes of carbon emissions a year, equal to taking approximately
570 cars off the road. The project will also assist in reducing
CP's Scope 2 emissions, a category specific to indirect emissions
related to electricity usage.
"At CP, we are sustainably driven and today's announcement
further exemplifies that," said CP President and Chief Executive
Officer Keith Creel. "We are taking
advantage of our unique headquarters footprint in Calgary, just outside of the downtown core, to
develop one of the largest private solar operations in the
province. We look forward to seeing the project come on line in
early 2021, and to having it featured as part of our beautiful,
historic and expansive Calgary
campus."
CP moved its headquarters, including its operations centre, from
leased downtown office space in Calgary to the company-owned 101 hectare
campus in Ogden in 2013. The
one-of-a-kind campus features large green spaces, walking paths,
cafeteria and other amenities. Today's announcement will mean free
covered parking for employees and designated electric vehicle
charging stations.
On July 30, CP released its first
public statement on climate change. The statement acknowledges the
effects of rising global temperatures and lays out the company's
commitment to ongoing efforts to mitigate the impacts.
CP has long focused on energy-saving initiatives as a core
component of its sustainability practices. Since 1990, the company
has improved its locomotive fuel efficiency by more than 40 percent
through many different initiatives and programs designed to improve
fuel economy and reduce air emissions. The application of leading
practices, emerging tools and relationship building across the
value chain and industrial sector will remain critical as the
company addresses the challenges of climate change.
"We recognize the importance of sustainability and are excited
about the future in this space," Creel said. "This innovative
project will see us run our headquarters building on 100 percent
locally produced renewable electricity, something not many
companies can say."
For more information about CP's sustainability practices and
initiatives, visit sustainability.cpr.ca.
Note on forward-looking information
This news release
contains certain forward-looking information and forward-looking
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, statements concerning
expectations, beliefs, plans, goals, objectives, assumptions and
statements about possible future events, conditions, and results of
operations or performance. Forward-looking information may contain
statements with words or headings such as "will", "anticipate",
"believe", "expect", "plan", "should" or similar words suggesting
future outcomes.
This news release contains forward-looking information relating,
but not limited to, our operations, priorities and plans, planned
capital investments including in solar panels and electric vehicle
charging stations, and the anticipated benefits of such planned
investments and the timing thereof.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
North American and global economic growth; commodity demand growth;
agricultural production; commodity prices and interest rates;
performance of our assets and equipment; sufficiency of our
budgeted capital expenditures in carrying out our business plan;
our ability to complete our capital and maintenance projects on the
timelines anticipated; applicable laws, regulations and government
policies; the availability and cost of labour, services and
infrastructure; the satisfaction by third parties of their
obligations to CP; the anticipated 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 forward-looking information 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.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; uncertainties of
investigations, proceedings or other types of claims and
litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. 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.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
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
cpr.ca to see the rail advantages of CP. CP-IR
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cp-committed-to-sustainability-investing-in-solar-power-at-its-calgary-headquarters-301110924.html
SOURCE Canadian Pacific