Furthers Sustainability Strategy with Enhanced ESG Governance Structure
BOSTON–(BUSINESS WIRE)–Cabot Corporation (NYSE: CBT) today published its 2023 Sustainability Report, highlighting the progress it has achieved on its sustainability program and aspirations for the future. The report outlines Cabot’s 2022 performance and advancements toward its 2025 Sustainability Goals as well as its vision for creating a more sustainable world. This report was developed with reference to the Global Reporting Initiative (GRI) Standards and provides information in support of Cabot’s participation in the United Nations Global Compact (UNCG).
Notable key achievements from the report include:
Achieved nitrogen oxides (NOX) emissions goal to reduce NOX intensity by 50% by investing in air pollution control technology and energy recovery systems
Exceeded the 2025 energy ratio target of 200% by achieving 214% in 2022 through energy efficiency improvements and investing in energy recovery systems
Enabled the company’s energy customers to avoid approximately 497,000 MT of greenhouse gas (GHG) emissions by converting waste heat into useful energy at 13 of its manufacturing facilities across its global network
Achieved waste reduction goal and decreased total waste disposal by 57% from the 2019 baseline due to a reduction in production of off-quality products, an increase in beneficial use and reduction in waste generated
Conducted a life cycle assessment for its engineered elastomer composites (E2C®) solutions, which demonstrates that GHG emissions are reduced by employing E2C solutions
Secured 100% site participation in community engagement activities across its global network
The Cabot Corporation Foundation committed $250,000 of which $180,000 has been donated to date to support Ukraine humanitarian efforts
Invested $319 million in 2022 which enabled the company to exceed its 2025 goal to invest $1 billion in capital and technology
“As we continued to navigate a challenging global environment, the importance of our ‘Creating for Tomorrow’ strategy and focus on sustainability has become even more prominent in our daily activities,” said Sean Keohane, president and CEO. “I am proud of the many accomplishments we have made throughout the past year including the launch of our EVOLVE® Sustainable Solutions technology platform as well as key investments made in furthering our leadership position as a provider of crucial conductive additives and other battery materials that are helping to enable the transformational shift in mobility to electric vehicles. With the dedication of our team, steadfast commitment to continuous improvement and ability to leverage the power of innovative chemistry, I am confident that we will continue to make a positive impact in solving some of the world’s most pressing sustainability challenges.”
Additionally, as part of its efforts to further advance its sustainability strategy, Cabot enhanced its governance practices for environmental, social and corporate governance (ESG) matters by establishing a formal governance structure managed by an ESG Steering Committee. Cabot believes this governance structure will enable Cabot to continue to successfully implement its sustainability strategy across the company, manage goal setting and reporting processes, and strengthen relationships with key stakeholders across its value chain as it progresses on its sustainability journey. Furthermore, Cabot has formally integrated its focus on sustainability into its updated Safety, Health, Environment & Sustainability (SHE&S) Commitment which reflects its collective efforts to help create a more sustainable world while continuing to prioritize the safety and well-being of its employees.
“Our new ESG governance structure helps advance our sustainability agenda and will play a critical role in ensuring that we are continuing to make the necessary progress to achieving our longer-term sustainability goals, net zero ambition and vision for enabling a more sustainable future,” said Martin O’Neill, senior vice president and chief sustainability officer.
Cabot has received several accolades for its sustainability efforts including a platinum rating from EcoVadis, the highest recognition available, for the third consecutive year as well as being named to “America’s Most Responsible Companies 2023” list by Newsweek for the third consecutive year and named to Investor’s Business Daily’s (IBD) “100 Best ESG Companies of 2022” list for the second consecutive year. The company was also named one of “America’s Greatest Workplaces for Diversity 2023” by Newsweek and Plant-A Insights Group and named to European Rubber Journal’s “Top 10 Elastomers for Sustainability” for its EVOLVE Sustainable Solutions as well as E2C solutions for the third time.
For more information about Cabot’s sustainability progress and to view the full 2023 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 reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides 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 the press release regarding Cabot’s business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K.