“I’m not maybe as green as I should be, but I happen to think the climate is changing (and) they’re not going to fool me anymore,” Harrison said. “It’s a challenge going forward, but rails have historically dealt with those changes really well through the years, and continued to survive and make it.”
CP, Canada’s second-largest railway, has seen reduced shipments of crude oil and thermal coal since the beginning of the oil price crash.
“Harrison said the rail industry will have to adjust to a shift to alternative energy sources, just as it did in the 1990s when the U.S. Clean Air Act wiped away 29% of the business at Illinois Central Railway that he ran at the time,” Canadian Press reports. “The veteran rail executive said the transition to alternative fuels will be long, but new investments in traditional energy sources will dry up because of environmental hurdles.”