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Expanded Endeavors Include Net Zero Ambition and Increased Transparency to Advance Sustainability Agenda
BOSTON, June 28, 2022--(BUSINESS WIRE)--Cabot Corporation (NYSE: CBT) today published its 2021 Sustainability Report, highlighting the progress it has achieved on its sustainability agenda and its aspirations for the future. The report outlines the announcement of Cabot’s ambition to achieve net zero emissions globally by 2050 and advancements made on its 2025 sustainability goals.
"We are committed to developing innovative solutions that help address many of the sustainability challenges facing our world and have several efforts in the pipeline to further reduce our greenhouse gas (GHG) emissions intensity and increase circularity," said Martin O’Neill, chief sustainability officer and senior vice president, Safety, Health & Environment. "We are proud to have realized 91% of our 2025 GHG intensity goal by the end of 2021 and are evaluating options for establishing interim GHG reduction targets to support our ambition of achieving net zero emissions by 2050. Our transition to a lower carbon future will require collaboration across our value chain, innovation in products and technology advancements, and supportive public policy as we advance in our sustainability journey."
Cabot is driven by its purpose of creating materials that improve daily life and enable a more sustainable future and continues to build on its strong foundation to make measurable progress across its three sustainability pillars: Caring for our People and Communities, Acting Responsibly for the Planet, and Building a Better Future Together. The report also spotlights Cabot’s commitment to diversity, equity and inclusion (DE&I).
Notable key achievements from the year include:
Achieved record volume of exported cogeneration power as a result of its long-term investment strategy in energy recovery systems, which convert waste heat into useful energy without any incremental GHG or other emissions.
Developed climate-related risks and opportunities matrix as a part of a climate scenario analysis in accordance with Task Force on Climate-Related Financial Disclosures (TCFD) guidance.
Collaborated in a successful pilot project to test zero-emissions trucking technology.
Achieved 69% of its 2025 economic value generated and distributed goal to invest $1 billion in capital and technology to sustain operations and grow our portfolio.
Continued to invest in its DE&I efforts, with 99% of the company’s people managers completing unconscious bias training.
Became an inaugural sponsor of the Future of STEM Scholars Initiative (FOSSI), which focuses on creating pathways for underrepresented groups to enter and succeed in science, technology, engineering and math (STEM) careers within the chemical industry.
"We strive to lead our industry by bringing the power of innovative chemistry to help solve many of the world’s sustainability challenges," said Sean Keohane, president and chief executive officer. "Our sustainability commitment articulates our vision for fulfilling our shared purpose and executing our ‘Creating for Tomorrow’ growth strategy as we leverage our strengths to lead in performance and sustainability. Our innovative product portfolio, dedicated team and drive for continuous improvement create tremendous opportunities for us to enable a more sustainable world – today and in the future."
The report was developed in accordance with the GRI Standards: Core option and addresses the sustainability accounting standard for the chemical industry, as defined by the Sustainability Accounting Standards Board (SASB) framework. It also serves as Cabot’s annual Communication on Progress in support of the United Nations Global Compact (UNGC).
Cabot has received several accolades for its sustainability efforts including a platinum rating from EcoVadis, the highest recognition available, for the second consecutive year as well as being named to "America’s Most Responsible Companies 2022" list by Newsweek for the third consecutive year and named to Investor’s Business Daily’s (IBD) 100 Best ESG Companies of 2021 list.
Learn more about Cabot’s net zero ambition and the Environmental, Social and Governance (ESG) disclosures it supports to ensure responsible and sustainable practices. For more information about Cabot’s sustainability journey and to view the full 2021 Sustainability Report visit cabotcorp.com/sustainability.
ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company, headquartered in Boston, Massachusetts. The company is a leading provider of rubber and specialty carbons, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed silica and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release involving the Company that are not statements of historical fact, such as our statements that relate to our purpose, ambitions, aims, commitments, targets, plans and objectives, sustainability goals progress and ambition to improve daily life and a more sustainable future, are forward-looking statements and are subject to risks and uncertainties inherent in projecting future conditions, events, and results. For a discussion of the risks and uncertainties that could cause results to differ from those expressed in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2021 and in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2022.
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