Caterpillar Launches 'Pathways to Sustainability' - an Energy Transition Program

Rhea-AI Summary

Caterpillar (NYSE: CAT) has launched the 'Pathways to Sustainability' program to assist mining, quarry, and aggregate industry customers in their energy transition efforts. This four-year initiative offers participants comprehensive learning opportunities, project advisement, and access to sustainable products. The program focuses on six strategic areas: strategy, people, product, process, technology, and infrastructure, aiming to help customers achieve site emissions reduction goals. This follows the company's 2021 Early Learner program which included battery electric machine testing. Caterpillar aims to support customers in designing and achieving their unique sustainability goals.

Positive

• Caterpillar's new program aims to support customers in achieving site emissions reduction goals.
• The initiative offers comprehensive in-person and virtual training opportunities.
• Supports the company's 2030 sustainability goals.
• Builds on the success of the Early Learner program, enhancing customer engagement.
• Focuses on six strategic areas to provide holistic support.

Negative

• No immediate financial gains reported from the program.
• Potential high costs associated with providing extensive training and project advisement over four years.
• Risk of customer participation variability impacting the program's overall success.

IRVING, Texas, May 20, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced the formation of a new educational program designed to support mining, quarry and aggregate industry customers on their energy transition journeys. The Pathways to Sustainability program is a four-year, multi-pronged experience that provides participants with holistic learning opportunities, energy transition project advisement and additional benefits related to sustainable product access.

The emphasis of the program is on understanding each participating company's sustainability objectives and providing participants with information and tools that will help them understand where they are on their own unique journeys and where energy transition strategies may need to be customized to support individual actions. The program includes in-person and virtual training opportunities centered on six strategic areas impacted by the energy transition – strategy, people, product, process, technology and infrastructure. In alignment with Caterpillar's 2030 sustainability goals, the program will explore opportunities to make an impact towards customers' site emissions reduction objectives through multiple avenues, including the use of technology, reducing machine lifecycle waste, fleet-bridging strategies and solutions that can be applied today to improve efficiency.

The Pathways to Sustainability program is the next phase of Caterpillar's sustainability offerings, building off of the company's Early Learner program which was established in 2021. The Early Learner program includes electrification agreements with a select group of customers across the globe who are working with Caterpillar to test and validate the company's new battery electric machines, and charging and infrastructure solutions. 

Caterpillar Senior Vice President Marc Cameron explains, "To make a step-change, it will take the industry coming together. That is what our Early Learner program and now the Pathways to Sustainability program are all about – learning and working together toward a brighter future. We are proud to support our customers every step of the way as they design their own unique paths and goals, now and through the energy transition."

About Caterpillar
With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

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SOURCE Caterpillar Inc.

FAQ

What is Caterpillar's 'Pathways to Sustainability' program?

It is a four-year educational initiative to support mining, quarry, and aggregate industry customers in their energy transition efforts.

When was the Pathways to Sustainability program announced?

The program was announced on May 20, 2024.

What does the Pathways to Sustainability program include?

The program includes comprehensive learning opportunities, project advisement, and access to sustainable products focused on six strategic areas.

How does the Pathways to Sustainability program align with Caterpillar's goals?

It supports Caterpillar's 2030 sustainability goals and aims to help customers achieve site emissions reduction objectives.

What was the Early Learner program initiated by Caterpillar?

Started in 2021, it included agreements with customers to test and validate Caterpillar's new battery electric machines and infrastructure solutions.