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Union Pacific Corporation Releases 2023 Green Bond Impact Report: Investments in Sustainability and Emissions Reduction

ESGUnion Pacific Corporation Releases 2023 Green Bond Impact Report: Investments in Sustainability and Emissions Reduction

Union Pacific Corporation (NYSE: UNP) has released its 2023 Green Bond Allocation and Impact Report, detailing how the proceeds from its green bonds issued in September 2022 were utilized to support the company’s climate action objectives.

Union Pacific allocated the entire net proceeds of $590.8 million from the green bonds to eligible projects aligned with its sustainability goals, as outlined in the Union Pacific Corporation Green Financing Framework.

The allocated funds were used for various projects, including:

  1. $265.5 million for upgrading existing rolling stock, including modernizing locomotives to reduce greenhouse gas (GHG) emissions and diesel fuel consumption.
  2. $220.9 million to expand network capacity and encourage the shift of freight to lower-carbon rail transport.
  3. $78.1 million for new rolling stock, vehicles, and equipment, including electric vehicles and battery-electric locomotives, along with associated charging infrastructure.
  4. $19.9 million invested in renewable energy initiatives.
  5. $6.4 million for energy-efficient lighting projects.

Beth Whited, President of Union Pacific Railroad, highlighted how these investments contribute to the company’s sustainability efforts and its commitment to achieving a net-zero emissions target by 2050. She emphasized that these infrastructure investments are crucial in advancing a more sustainable future.

It’s important to note that railroads are already one of the most fuel-efficient modes of transportation, with rail freight being significantly more carbon-efficient than road transportation. According to the Association of American Railroads, using rail instead of trucks can reduce GHG emissions by up to 75%. Union Pacific, on average, moves one ton of freight 463 miles on a single gallon of diesel fuel, showcasing its eco-friendly transportation approach.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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