Cabot Expects to Benefit from Industry Best Practices to Further Advance its Energy Efficiency Performance
BOSTON--(BUSINESS WIRE)--Aug. 9, 2023--
Cabot Corporation (NYSE: CBT) today announced its partnership with the U.S. Department of Energy’s (DOE’s) Better Plants program. The program is a national, voluntary partnership that aims to drive significant improvement in energy efficiency across the U.S. industrial sector. Cabot expects this collaboration with the DOE and any enhanced opportunity to learn from industry best practices will help Cabot further advance its energy efficiency performance as it progresses toward its ambition of achieving net zero emissions by 2050.
All of Cabot's current U.S.-based manufacturing sites are part of the program. The Better Plants program currently has more than 280 partners representing every major U.S. industrial sector and includes more than 3,600 facilities across the U.S. Through the initiative, partners share proven energy-efficiency strategies and best practices. Cabot anticipates being able to apply lessons learned from the partnership to help advance its energy efficiency improvement activities in the U.S.
“As a leader in our industry, we are working hard to do our part in supporting the transition toward a lower carbon future,” said Martin O’Neill, senior vice president and chief sustainability officer, Cabot Corporation. “While we have made significant progress in our sustainability agenda, the journey to net zero requires action, innovation and collaboration with organizations such as DOE. We believe that joining the DOE’s Better Plants program will help us continue to identify and implement new strategies and best practices that will allow us to continue to make progress on improving our energy efficiency.”
The Better Plants program works with leading U.S. manufacturers to set ambitious environmental goals and commit to reducing energy intensity by 25% over a 10-year period across all U.S. operations. By partnering with industry, the Better Plants program aims to help leading manufacturers boost efficiency, increase resilience, strengthen economic competitiveness and reduce their carbon footprint through improvements in energy efficiency.
“Cabot's commitment to improving its energy productivity by 25% over 10 years establishes the company as a leader in efficiency and helps strengthen the nation’s manufacturing competitiveness,” said Dr. Steve McKnight, interim acting director, Advanced Manufacturing & Industrial Decarbonization Offices, U.S. Department of Energy.
Energy recovery and energy efficiency are two critical focus areas of Cabot’s sustainability agenda. The company has recently reached an important milestone in its sustainability journey by exceeding its 2025 global sustainability goal of exporting 200% of the energy it imports. This accomplishment is the outcome of Cabot investing in energy recovery systems at several of its sites that help improve the energy efficiency of its plants and aid in lowering the net emissions of neighboring businesses and communities.
For more information about Cabot’s sustainability journey and its aspirations for the future, visit cabotcorp.com/sustainability. Additionally, for more information about the Better Plants program, visit the U.S. Department of Energy.
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, including statements concerning the benefits Cabot expects from its participation in the Better Plants program and Cabot achieving net zero emissions by 2050, 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.
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Source: Cabot Corporation