Caterpillar commits to reducing emissions
13 May 2022
Caterpillar has published a 71-page sustainability report that outlines the company’s approach to achieving sustainability and details the progress of goals that were set last year.
Key findings from the report have revealed that through the feedback of shareholders, Caterpillar will provide its first-ever public disclosure of estimated Scope 3 emissions data (including for Category 11 – Use of Sold Products).
Scope 3 emissions are a consequence of the activities of the company, but occur from sources not owned or controlled by the company.
The company said that, as part of its contribution to a reduced carbon future, they “are committed to reducing Caterpillar’s GHG [greenhouse gases] emissions while helping our customers meet their climate-related objectives as they build a better, more sustainable world.”
Caterpillar will incorporate ESG performance into the 2022 incentive plan for executive officers, create a new executive leadership position of Chief Sustainability & Strategy Officer and launch an annual Diversity and Inclusion Report, which also includes a link to the disclosure of the EEO-1 report (TCFD) to enhance sustainability reporting within the company.
For the long-term plans put in place in 2021 that aim to reduce greenhouse gas (GHG) emissions by 2030, the report found that of the seven goals that were set, six are on track and one is progressing.
Caterpillar Chairman and CEO Jim Umpleby said, “Our long-standing commitment to sustainability inspires us to continue reducing greenhouse gas emissions from our operations while also developing innovative products, technologies and services to help our customers achieve their climate-related objectives.
“We’re pleased to highlight our progress as we contribute to a reduced-carbon future.”