Get Cash Back and $0 Commissions + The Power of TradeStation
CSX Releases 2023 Environmental, Social and Governance Report
Globe Newswire 30-Jul-2024 4:30 PM
JACKSONVILLE, Fla., July 30, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ:CSX) today announced the release of its 2023 Environmental, Social and Governance (ESG) report, highlighting the company's advancements in addressing key ESG issues through alternative fuel projects, investments in safety innovations, and enhancements to the employee work environment.
"2023 was a year of tremendous progress for the ONE CSX team across all ESG priorities," said CSX President and Chief Executive Officer Joe Hinrichs. "By investing in and listening to our people, we enhanced value for our customers, industry, and communities. Through operational excellence and innovation, we improved service performance, piloted less carbon-intensive fuels, and made significant progress toward forging a sustainable future for the rail industry."
The report showcases the strides CSX has made in environmental sustainability, particularly in alternative fuel projects and advanced decarbonization technologies for locomotives. A significant achievement was the launch of CSX's first-ever hydrogen fuel cell locomotive in partnership with CPKC, marking a milestone in sustainable freight transportation. Additional notable achievements include:
Helped customers avoid approximately 12.9 million tons of CO2 emissions, the equivalent of taking just over 3 million passenger vehicles off the road.
Announced the award of federal grants for the acquisition of three battery-electric, zero-emissions locomotives.
Engaged suppliers – representing 75% of spend – in CDP's Supply Chain program to improve sustainability of operations and reduce the carbon footprint of the company's value chain.
Pilot-tested 10 locomotives with a biodiesel fuel blend, demonstrating nearly 20 percent reduction in GHG emissions compared to diesel locomotives.
Expanded nature-based solutions projects, reforesting 144 acres of land with over 53,000 trees.
The company also expanded its ONE CSX cultural transformation, emphasizing the importance of employees being valued, engaged, respected, and appreciated to maximize value for customers and broader stakeholders. Key efforts included:
Became the first U.S. Class I railroad to offer paid sick leave agreements to its union-represented workers, covering 75% of the total workforce.
Trained more than 6,000 local community first responders to safeguard employees, customers, and the communities CSX serves.
Celebrated five years of CSX Pride in Service, committing over $25 million to partner organizations since 2018 to honor and serve veterans, military personnel, and first responders.
"Prioritizing environmental stewardship, adhering to the highest governance standards, and positively impacting the lives of employees and communities are critical foundations of our mission to be the leading supplier of rail-based freight in North America," said Bryan Tucker, vice president of Stakeholder Engagement and Sustainability at CSX. "As the most sustainable option for moving freight, CSX believes progress in these areas help advance the entire rail industry. We are committed to constant improvement as we move forward, together."
CSX is committed to transparent communications and this report references leading ESG disclosure frameworks including the Global Reporting Initiative (GRI) 2021 Universal Standards, the Sustainability Accounting Standards Board (SASB) Rail Transportation standard and the Task Force on Climate-related Financial Disclosures (TCFD). This year, CSX further enhanced its disclosures by aligning its business activities with the UN Sustainable Development Goals (SDGs) and SASB at the target level.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
