Union Pacific (UP) intends to set science-based targets to determine how much and how quickly the company will reduce greenhouse gas emissions. The new targets will support the company’s global climate change goals.
UP has submitted a commitment letter to the Science Based Targets Initiative (SBTi), which assesses corporate emissions reduction targets in line with what climate scientists say is needed to meet the Paris Agreement goals. These goals limit global warming to well below 2°C above pre-industrial levels.
Lance Fritz, UP chairman, president and CEO, said, "As one of the nation's largest freight railroads, it is our responsibility to act as environmental stewards, reducing emissions and enabling sustainable economic growth across our supply chain."
The company's target will use the SBTi's Sectoral Decarbonization Approach Transport tool, which models targets for direct and indirect transportation emissions. UP expects to finalize its target and submit it for approval to the SBTi within a year.
"This is a challenging task as it means examining every aspect of our operation and looking for innovative solutions while continuing to create long-term value for our shareholders, customers, employees and the communities where we operate," Fritz added.