Caterpillar’s legacy of sustainable innovation spans nearly a century. Throughout that time, we have provided products and services that improve the quality of life and the environment while helping customers fulfill society’s need for infrastructure in a sustainable way.

We support the transition to a lower-carbon future, and we are contributing by significantly reducing greenhouse gas (GHG) emissions in our operations and continuing to invest in a diverse portfolio of products, technologies and services that help customers achieve their sustainability goals.

We believe the energy transition and growing global energy demand expand opportunities for long-term profitable growth through increasing demand for a variety of Caterpillar products and services. For example, demand for commodities is expected to increase due to the growing adoption of electric vehicles, battery storage, and wind and solar power. Increasing global energy demand will require investments in renewables and many traditional forms of energy, as well as grid modernization. The energy transition requires significant global infrastructure investment, which expands opportunities for Caterpillar.

From our earliest days, Caterpillar has been a technology leader, and we continue to invest in technology to meet the needs of our diverse global customers. Our increasing investments in the core technologies of autonomy, alternative fuels, connectivity and digital, and electrification (AACE) support customer requirements for performance, durability and economic value. As you will see in this report, we are developing an expanded portfolio of fully electric, fuel-flexible and increasingly fuel-efficient products to help customers achieve their climate-related objectives.

The work we do — and how we do it — is driven by Caterpillar’s Values in Action. They define what we stand for and guide us on our sustainability journey. The Caterpillar Foundation’s strong corporate citizenship is evident in its support of sustainable development and building more resilient communities. The Foundation donated more than $43 million to community partners toward disaster relief, workforce development, STEM education and natural infrastructure during the past year.

I am proud of our global team’s work to advance our sustainability journey in 2023. Together with the Cat^® dealer network, we are helping customers build a better, more sustainable world.