BOSTON--(BUSINESS WIRE)--Cabot Corporation (NYSE: CBT) today published its 2020 Sustainability Report as part of the company’s ongoing commitment to its sustainability strategy. The report highlights Cabot’s progress toward its 2025 Sustainability Goals as well as various sustainability initiatives.
In 2020, Cabot expanded its sustainability efforts to include an assessment according to the Task Force for Climate-related Financial Disclosures (TCFD) guidelines to further evaluate climate risks and opportunities while increasing transparency regarding actions over the medium and long-term. The company is also participating in the Science-Based Targets initiative (SBTi) Chemical Sector Stakeholder Advisory Group and the Assessing low Carbon Transition (ACT) Chemical Sector Technical Working Group to develop guidelines for the chemical sector. Cabot supports the Paris Agreement and is assessing how our medium and long-term goals can align with the latest climate science-based targets.
“As a leader in sustainability in our industry, we understand the value in continuing to develop robust frameworks to engage with stakeholders and make progress with our sustainability agenda,” said Sean Keohane, president and CEO. “Despite the unforeseen challenges presented in 2020, I am tremendously proud of our people, the progress we made toward our 2025 sustainability goals and how our innovative chemistry products are helping to solve many of the sustainability challenges facing our world. Though there is still more work to be done, I believe that our innovative portfolio, dedicated and passionate people, and our commitment to continuous improvement and excellence in everything we do will enable us to make a difference for the long term.”
Notable accomplishments highlighted in the 2020 report include:
- Realized 77% of Cabot’s 2025 greenhouse gas emissions intensity goal and 81% of its 2025 energy intensity goal
- Achieved a 48% drop in its recordable injury rate compared to 2019, representing 96% progress toward achieving its 2025 goal for total recordable incident rate
- Contributed over $1.7 million through the Cabot Corporation Foundation and site-level giving to support our local communities across our network of operations around the globe
- Formed the Black Employees and Allies United (BEAU) employee resource group (ERG) and developed the framework for 100% of Cabot’s people managers to participate in unconscious bias training opportunities to enable understanding, recognizing and mitigating unconscious bias by the end of 2021
- Extended the purchase of renewable energy to over 25,000 megawatt-hours (MWh) for two of our facilities in the United Kingdom, up from 3,000 MWh in 2019 and exploring additional opportunities to increase renewable energy purchases globally
- Initiated a cradle-to-gate life cycle analysis of Cabot’s carbon black products to identify opportunities to reduce our overall greenhouse gas footprint and collaborate with our customers regarding Scope 3 emissions
Made significant capital investments in emissions control technology at several carbon black manufacturing facilities including Xingtai, China, and Franklin and Ville Platte, LA, USA, which will result in improved air quality through the reduction of NOX and SOX emissions. The Franklin facility also significantly contributed to a nearly two percent improvement on our energy intensity as a result of a full year of heat exports from the St. Mary Clean Energy Center, despite reduced production volumes due to the pandemic
“This report showcases our commitment to our three key sustainability pillars – caring for our people and communities, acting responsibly for the planet and building a better future together,” said Martin O’Neill, senior vice president, Safety, Health and Environment (SH&E). “Our progress across these three pillars reinforces our intense focus on sustainability and leading our industry to a more sustainable platform and portfolio for the future.”
The report was developed in accordance with the GRI Standards: Core option and addresses the sustainability accounting standard for the chemicals industry, as defined by the Sustainability Accounting Standards Board (SASB) framework. It also serves as our annual Communication on Progress in support of the United Nations Global Compact (UNGC).
For more information about sustainability at Cabot and to view the full 2020 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 carbon black, specialty carbons, activated carbon, 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 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 for the fiscal year ended September 30, 2020.