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New goals centered on climate, environment and safety
DEERFIELD, Ill., May 11, 2021 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) illustrates how it continues to help its customers build a better, more sustainable world in its 2020 Sustainability Report published today. In addition to highlighting the company's progress through 2020, the report introduces Caterpillar's new sustainability goals to achieve by 2030.
"Caterpillar is well-positioned to continue improving the quality of the environment and communities by helping our customers fulfill society's basic needs such as shelter, clean water, education and reliable energy, in a sustainable way," said Caterpillar Chairman and CEO Jim Umpleby. "We are demonstrating our commitment to a reduced-carbon future in many ways, including through our significant progress in reducing greenhouse gas (GHG) emissions from our operations and our continued investment in new products, technologies and services that help customers achieve their climate-related objectives as they build a better, more sustainable world."
Caterpillar's seven new 2030 sustainability goals will enhance the company's performance and impact and are focused on ESG topics within its own operations, as well as product stewardship in support of its customers' sustainability goals. Five are centered on climate and the environment, and two focus on employee and customer safety.
Employee Health & Safety: We aspire to prevent all injuries and further our industry-leading safety results by reducing recordable injury frequency (RIF) by 50% from 2018 to 2030.
Operations Energy & Emissions: We have set a science-based Scope 1 and 2 goal to reduce absolute greenhouse gas emissions from our operations by 30% from 2018 to 2030.
Operations Water: Implement water management strategies at 100% of facilities located in water high-risk areas by 2030.
Operations Waste: Reduce landfill intensity by 50% from 2018 to 2030.
Product Emissions & Energy Efficiency: 100% of Caterpillar's new products through 2030 will be more sustainable than the previous generation through collaborating with customers, reduced waste, improved design for rebuild/remanufacturing, lower emissions or improved efficiency.
Remanufacturing: Increase sales and revenues from remanufacturing offerings by 25% from 2018 to 2030.
Customer Safety: Provide leadership in the safety of people who work in, on and around our products.
The 2020 Sustainability Report, prepared in alignment with Sustainability Accounting Standards Board (SASB) criteria, underscores how Caterpillar provides value to customers by developing innovative products and services to help them meet their ESG objectives. As we move beyond our 2020 goals, the report highlights progress, including:
93% reduction in recordable injury frequency (RIF) since 2003, including delivering the best recordable injury frequency safety performance on record two years in a row (2019 and 2020) while providing essential products and services;
51% reduction in absolute greenhouse gas emissions from 2006 baseline;
43% reduction in absolute water consumption from 2006 baseline; and
33% of annual aggregate electrical energy needs sourced with alternative and renewable sources.
In addition, the 2020 Caterpillar Annual Report is also available. It highlights how the company's enterprise strategy for long-term profitable growth positioned its team to provide the essential products and services that enabled its customers to support a world in need. You can read both reports at https://reports.caterpillar.com/.
With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Since 1925, we've been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries, and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/social-media.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
SOURCE Caterpillar Inc.