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To our Stakeholders:

At our core, the business of CF Industries is ammonia.We are the world’s largest manufacturer of ammonia. We extract nitrogen from the air and combine it with hydrogen from natural gas to form the ammonia molecule, whose chemical composition is NH3 — one part nitrogen, three parts hydrogen. We can sell ammonia itself or upgrade it through additional manufacturing processes into products such as granular urea, urea ammonium nitrate solution (UAN), or diesel exhaust fluid (DEF).


The ability to produce ammonia at scale has been very good for humanity and is considered one of the most impactful inventions of the 20th century. This is because more than 80% of ammonia is used as a fertilizer itself or as a fertilizer in its upgraded forms. The use of ammonia as a fertilizer significantly increases crop yields. Along with seed advancements and farming practice improvements, the use of ammonia and other nitrogen fertilizers has helped increase food production, enabling the lives of billions and improving quality of life dramatically. The annual rate of people dying due to famine globally per decade declined nearly 99% from the 1960s to the 2010s.

The ability of CF Industries to produce ammonia has been very good for our stakeholders as well. CF Industries’ 3,000 employees enjoy well-paying jobs with outstanding benefits and opportunities for growth and development. Our team has a deep commitment to safety excellence, helping drive a full year recordable incident rate of 0.32 incidents per 200,000 work hours, which is significantly better than industry averages. We also focus on fostering an inclusive and diverse culture at CF Industries so that we not only safeguard each person’s physical well-being every day, but also their personal well-being — helping each other feel  welcomed, valued, and inspired to do our best work.

We are committed stewards of the environment. Our focus on safe, efficient, and environmentally responsible operations protects and enhances the natural resources we use in our processes and that are near our facilities. 

Our operations have a direct and positive impact on the communities in which we live and work. We estimate that for every CF Industries employee, another seven jobs are supported locally. In 2021, we spent more than half of our procurement dollars — approximately $657 million dollars — on suppliers located within 50 miles of our facilities. We are also active members of our communities, supporting local groups with Company donations, employee-led fundraising efforts, and volunteer activities.

Our Clean Energy Strategy

Today, we are focused on building on this track record by helping develop a market for ammonia as a source of clean energy. 

As countries around the world work to reach net-zero carbon emissions by 2050, hydrogen has emerged as a leading source of clean energy. Ammonia, due to its hydrogen component, can be a clean fuel itself as it does not release any carbon when used as an energy source. Ammonia also could serve as a medium to store and transport hydrogen.

To enable this future, we have committed to addressing the carbon footprint associated with ammonia production. While our plants are among the most efficient in the global industry, the ammonia production process is nevertheless energy-intensive and therefore results in significant carbon emissions today. This is a challenge that we regularly engage stakeholders about.

As a result, meeting the challenge of climate change is at the center of our strategy, which is to leverage our unique capabilities to accelerate the world’s transition to clean energy. This commitment provides a long-term growth platform for the Company, as well as doing our part to make the world more sustainable. 

We will decarbonize our network, including producing ammonia from carbon-free sources (green ammonia) and ammonia produced conventionally with the CO2 byproduct captured and permanently sequestered (blue ammonia). These are more than promises: we have committed $385 million in capital through 2025 to advance these initiatives.

As we aggressively scale our ability to produce green and blue ammonia, we will position CF Industries at the forefront of clean hydrogen and clean ammonia supply. This approach builds on our existing business. We will still provide energy to agriculture end-users in the form of ammonia and derivative nitrogen fertilizers. But we are also pursuing the growth opportunities available from providing clean energy for power generation in the form of ammonia.

Accountability and Transparency

Our strategy of accelerating the world’s transition to clean energy is linked to a comprehensive set of ESG goals. These commitments include a dramatic reduction in carbon emissions across our global network to achieve net-zero carbon emissions by 2050 and an intermediate goal of a 25% reduction in emissions intensity by 2030. Our ESG goals also encompass other issues important to CF Industries and its stakeholders, including diversity and inclusion, safety, food security, nutrient management, and community involvement. Our complete list of ESG goals can also be found at

Given the critical importance of these efforts to the Company, shareholders, and stakeholders, our Board of Directors aligns executive compensation directly to ESG objectives. Management also benefits from the oversight of the Board, including two committees with a focus on specific ESG-relevant areas: one that has oversight over inclusion, diversity and equity (ID&E) matters and employee well-being initiatives and another that oversees the Company’s clean energy initiatives and progress toward net-zero carbon emissions, community involvement efforts, and overall accountability for meeting the Company’s ESG objectives.

We communicate our performance in these areas and others through our annual ESG and sustainability reporting, which include our submissions under the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) framework, and the Task Force on Climate-related Financial Disclosures (TCFD). Additionally, we remain committed to make the UN Global Compact and its principles part of the strategy, culture, and day-to-day operations of our company and to engage in collaborative projects that advance the UN Sustainable Development Goals (SDGs).

Our Bright Future

CF Industries has a long history of creating value for all our stakeholders. We believe we have an opportunity to help create a better world not just through the products we make and the way we operate, but also through empowering our employees, strengthening our culture of inclusive leadership, and supporting our communities.

As you will see in the following pages, we remain focused on realizing the promise of what CF Industries can offer the world. We expect that, as we execute our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy, we will have an even greater positive impact on the world around us.

Thank you for your interest in CF Industries. We look forward to working with you as we advance our shared commitment to a more sustainable world.

Tony Will
President and Chief Executive Officer
CF Industries Holdings, Inc.