Chairman & CEO Letter

Jim Umpleby - CEO

With nearly a century of sustainable innovation, Caterpillar has a legacy of providing products and services that continually improve the quality of life and the environment by helping our customers fulfill society’s need for infrastructure in a sustainable way. The world is transitioning toward a lower-carbon future, and Caterpillar supports efforts to mitigate climate change. We are making significant progress to reduce greenhouse gas (GHG) emissions from our operations, and our customers rely on Caterpillar to provide a diverse portfolio of products, services and solutions that lower GHG emissions, improve efficiency and productivity, and deliver energy flexibility.

As a leading global equipment and services provider, we believe the energy transition expands opportunities for profitable growth in a variety of ways. For example, we are helping our customers meet accelerating mined commodity demand and our products and services help address rising global energy demand for renewables and many traditional forms of energy. The growing momentum of the energy transition will also require significant global infrastructure investment while expanding Caterpillar’s services opportunities.

Caterpillar has been a technology leader for nearly a century, and we continue to invest to meet the needs of our diverse global customer base. We are increasing our investments in autonomy, alternative fuels, connectivity and digital, and electrification (AACE). We will continue to invest more in AACE as we work with our customers to help them achieve their sustainability objectives. You can read about our expanded portfolio of fully electric, fuel-flexible and fuel-efficient products in this report.

We continue to be transparent about our goals, progress and innovations and remain committed to demonstrating shareholder responsiveness. This is illustrated through the publication of our inaugural Task Force on Climate-related Financial Disclosures (TCFD) report and disclosure of our Scope 3 use of sold products emissions.

Our commitment to a reduced-carbon future extends to our public policy efforts as we advocate for a thoughtful approach to identifying and advancing policies that support our customers during the energy transition. More information is available in our 2022 Lobbying Report: The Purpose of Engagement, which we plan to issue annually.

Caterpillar’s Values in Action are the foundation for our work, guiding us on our sustainability journey. Through the Caterpillar Foundation, we have engaged in sustainable infrastructure programs, workforce development and disaster relief in 40 countries. We were proud to celebrate the Foundation’s 70th anniversary of helping build resilient communities.

We believe the energy transition and growing global energy demand present significant growth opportunities for Caterpillar. Our global team, together with the Cat® dealer network, is committed to enabling a reduced-carbon future as we advance the products, services and solutions that help our customers build a better, more sustainable world.

Jim Umpleby Signiture

Jim Umpleby
Chairman & CEO