The Company has surpassed a new milestone with
3.7 million hours without a lost-time injury and made progress
towards its 2030 emissions reduction target
TORONTO, April 30,
2024 /CNW/ - 407 ETR released its 2023
Environmental, Social and Governance (ESG) Report, Steering the
Way. The Company continues to align with the Sustainability
Accounting Standards Board (SASB) framework and the recommendations
of the Task Force on Climate-related Financial Disclosures (TCFD)
which has been transitioned to the International Sustainability
Standards Board (ISSB). The report provides an in-depth look at 407
ETR's ESG strategy and detailed performance metrics. The Company
enhanced its disclosures around climate risk scenarios, its
greenhouse gas (GHG) reduction roadmap, biodiversity commitments,
and diversity, equity, and inclusion.
"For 25 years, we've been helping drivers save time and enjoy a
fast, safe and reliable commute. With a strong ESG strategy in
place we can continue serving Greater
Toronto Area drivers and making a positive difference in our
surrounding communities for years to come," says Javier Tamargo, President & CEO, 407 ETR.
"This report outlines initiatives we're exploring to reduce our
carbon footprint, embrace environmentally friendly solutions
throughout our operations and bolster our support for local
conservation."
Fast Facts
Operational achievements
- Achieved 3.7 million hours without a lost-time injury as of
December 31, 2023.
- Achieved a 92% customer service satisfaction rate and 85% first
call resolution rate with an award-winning customer service
team.
- Reported 60% lower collision rate compared to alternate
400-series highways in the Greater
Toronto Area (GTA)1.
- Invested $31.3 million in highway
capital projects through third-party contractors to improve driving
experience and customer safety.
- Invested $8 million in
enforcement and policing services to help keep the highway
safe.
Environmental priorities
- Reduced Scope 1 and Scope 2 GHG emissions by approximately 20%
against the 2018 baseline. On track to achieve target of 25%
reduction by 2030.
- Developed a GHG emissions reduction roadmap that outlines
initiatives to help the Company reach its emissions reduction
goal.
- Completed a qualitative climate risk scenario analysis to
assess and manage potential climate-related operational risks and
opportunities.
- Planted over 10,000 native trees along the corridor, including
red and white cedar, white spruce, white pine and red oak
species.
- Maintained a sustainability-linked loan (SLL) that holds the
Company's performance accountable to three key areas related to GHG
emissions, diversity on the Board of Directors and employee health
and safety.
- Added a wide-wing snowplow to the fleet, helping to reduce
emissions from winter operations.
Strong workforce
- Recorded 38% female representation on the Board of Directors,
exceeding the 2023 target of 30%.
- Recorded 77% of employees who reported feeling included in the
engagement survey, a 12% increase from 2021.
- Invested $45.9 million in
employee compensation and benefits.
- Invested over $589,000 in
employee training.
Community investments
- Invested approximately $1.7
million in GTA communities through sponsorships, donations
and free travel.
- On track to fulfil our $1.8
million investment in environmental initiatives over three
years, with over $600,000 donated in
2023.
- Announced largest environmental donation to date with a
three-year, $800,000 commitment to
Nature Conservancy of Canada's
Conservation Internship program.
For more information on 407 ETR's ESG initiatives and
performance, visit 407etr.com/ESGreporting.
About 407 ETR:
Highway 407 ETR is an all-electronic open-access toll highway
located in the Greater Toronto
Area in Ontario, Canada.
The highway spans 108 kilometres from Burlington in the west to Pickering in the
east.
407 International Inc. is the sole shareholder of 407 ETR and is
owned by:
- Canada Pension Plan Investment Board (CPP Investments) through
indirectly-owned subsidiaries (50.01%);
- Cintra Global S.E. which is a wholly-owned subsidiary of
Ferrovial S.A. (43.23%); and
- AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc.
(6.76%).
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1
Figure is based on 407 ETR's internally reported collision rate
compared to MTO's latest estimates of collision rates on other
400-series highways in the GTA.
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SOURCE 407 ETR Concession Company Limited