Lance Fritz on sustainability
From Right Time To Step Down, Says Union Pacific CEO · · Bloomberg Television
“We're shooting for that in 2050. You know, we're the first railroad with hard SBTI targets that have a threshold for us to reach in 2030 with an eye towards carbon neutral by 2050. Our existing commitment is a 26% absolute reduction, and I'm pretty confident that's going up because we've also been working with SBTI to re-evaluate our commitments.”
On , Lance Fritz, Former Chairman, President & Chief Executive Officer at Union Pacific Corporation, spoke about sustainability during Right Time To Step Down, Says Union Pacific CEO on Bloomberg Television.
About Lance Fritz
Lance Fritz, former Chairman, President, and CEO of Union Pacific, has discussed the company's operational and financial performance in several media appearances. In October 2022, Fritz stated that the company made "sequential improvement" in network fluidity from the second to third quarter, and he anticipated a return to normal operations in the fourth quarter. He attributed volume pullbacks to cooling consumer demand, particularly in domestic intermodal and parcel shipments, while noting strong demand in coal, grain, and some industrial segments. Fritz also addressed labor negotiations, saying he was "less comfortable" after the BMWED Maintenance of Way employees failed to ratify a contract, but he anticipated closing agreements by the end of the year. In 2023, Fritz described the hiring picture as "very difficult" in 2022, particularly in rural areas, and noted that Union Pacific was using hiring bonuses and a referral program to attract workers. He discussed the company's implementation of Precision Scheduled Railroading (PSR) to lower costs and improve the operating ratio. Regarding the regulatory environment, Fritz said the Surface Transportation Board (STB) had done "a very good job" of balancing its decisions with the health of the freight rail network. Earlier, in 2022, Fritz addressed supply chain disruptions, citing high import demand, a shortage of truck drivers and warehouse labor, and the impact of COVID-19. He also described organized train theft in the Los Angeles area as a "real problem," stating that the company was working with law enforcement and investing in security measures.