In many ways, securing our sustainability as a company and contributing to the broader sustainable development of our planet go hand in hand. Sustainability helps us reduce costs, manage challenging times, and position ourselves for a successful future.
Reducing waste and emissions is clearly the right thing to do for our common future, and can also lead to significant cost savings. For example, our Energy 2010 project is expected to reduce our energy costs by 8% by 2010. At the same time, this project leads to significant greenhouse gas reductions, for example annual estimated savings of 3100 tons of CO2 emissions from a cogeneration plant project for the parallel generation of electricity, steam, and hot water realized in our Jamshoro site in Pakistan in 2008. Enhancing workplace safety, offering fair compensation, and conducting an open dialogue with our employees is part of our social responsibility. These measures also contribute to a relationship of trust between management and staff, which helps all parties work through difficult decisions, such as necessary staff cuts, in an economically challenging environment. And nurturing the range of green products in our portfolio helps us position ourselves for success in the mid and long term.
While we will have to make cuts across all our activities in response to the current economic climate, we remain committed to responsible corporate management, which furthers the sustainability of our company, our planet, and its people. In this regard, I want to thank all our employees, customers, neighbors, shareholders, and other stakeholders for their support in 2008.
Hariolf Kottmann
Chief Executive Officer |  |  |