Caterpillar Inc. announced a 34% reduction in Scope 1 and 2 GHG emissions compared to 2018.

The heavy machinery manufacturing company also disclosed its Scope 3 use of sold products emissions, which is its largest Scope 3 category, and incorporated ESG performance into the incentive plan for its executive officers.

To measure its progress, Caterpillar set seven new sustainability goals for 2030, including reducing absolute Scope 1 and 2 GHG emissions by 30% between 2018 and 2030. The company also set a goal that 100% of its new products through 2030 will be more sustainable than the previous generation. 

The 2024 Sustainability Report integrates Caterpillar’s Diversity & Inclusion, Lobbying, and TCFD (Task Force on Climate-related Financial Disclosures) reports into a single document.

“The reports detail Caterpillar’s investment of more than $30 billion in research and development over the past 20 years in best-in-class innovation,” said Caterpillar CEO Joe Creed in a statement. 

“Our strategy for profitable growth is delivering results. With rising global demand for energy and critical minerals powering emerging technologies – alongside expanded opportunities to meet the world’s infrastructure needs – we are well-positioned for what’s ahead.”