Projects funded by the $600
million in bonds are highlighted in newly published impact
and allocation report
OMAHA,
Neb., Sept. 5, 2023 /PRNewswire/ -- Union
Pacific Corporation (NYSE: UNP) today published its 2023 Green Bond
Allocation and Impact Report, which outlines how proceeds from
green bonds issued in September 2022
were used to help the railroad invest in its climate action
goals.
Union Pacific allocated 100% of the bond's net proceeds of
$590.8 million to eligible projects
that support the corporation's sustainability initiatives
consistent with the Union Pacific Corporation Green Financing
Framework.
"The infrastructure investments funded by the green-bond
proceeds underscore Union Pacific's efforts toward building a more
sustainable future and to achieving our climate-change goal of net
zero by 2050," said Beth Whited,
president of Union Pacific Railroad.
The allocated projects included:
- $265.5 million for upgrades to
existing rolling stock, including locomotive modernizations to
reduce greenhouse gas (GHG) emissions and diesel fuel
consumption.
- $220.9 million to expand network
capacity and promote modal shift of freight to lower-carbon
rail.
- $78.1 million for new rolling
stock, vehicles, and equipment, including electric vehicles and
battery-electric locomotives, along with associated charging
infrastructure.
- $19.9 million in renewable energy
investments.
- $6.4 million in energy efficient
lighting projects.
While Union Pacific is proud of the impact of these projects on
reducing its environmental footprint, it is important to note
railroads already are one of the most fuel-efficient means of
transportation, according to the Association of American
Railroads.1 Moving freight by rail instead of truck
reduces GHG emissions by up to 75%. On average, Union Pacific moves
a ton of freight 463 miles on a single gallon of diesel fuel.
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and
businesses use every day with safe, reliable, and efficient
service. Operating in 23 western states, the company connects its
customers and communities to the global economy. Trains are the
most environmentally responsible way to transport ground freight,
helping Union Pacific protect future generations. More information
about Union Pacific is available at www.up.com.
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific
This press release includes statements and information
regarding future expectations, outcomes or results of the company
that are not historical facts. These statements and information are
forward looking as defined by federal securities laws.
Forward-looking statements and information should not be read as a
guarantee of future performance or results and will not necessarily
be accurate indications of the times that, or by which, such
performance, targets, goals, or results will be achieved.
Forward-looking statements and information are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the statements. Factors
that could cause results or outcomes to differ, including the risk
factors in Item 1A of the company's Annual Form 10-K, filed
February 10, 2023, also could affect
our future results and could cause those results or other outcomes
to differ materially from those expressed or implied in the
forward-looking statements and information. This press release
should be read in consideration of these risk factors.
1 Source: Association of American Railroads
Sustainability Fact Sheet June
2023.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/union-pacific-uses-proceeds-from-2022-green-bond-to-reduce-carbon-footprint-in-support-of-climate-change-goals-301918096.html
SOURCE Union Pacific Corporation