Covestro is launching a comprehensive program to further sharpen its focus on sustainable development. The materials manufacturer has established five measurable targets it wants to achieve by 2025, covering processes and products as well as research and development. The program also addresses suppliers, customers and consumers. The company aims to develop new partnerships and business models to help improve the lives of ten million people in underserved markets. Other focal points are resource conservation and climate protection.
“Our five new targets cleary demonstrate how much sustainable development will drive our business in the future,” said CEO Patrick Thomas. “We are embedding sustainability at the heart of our strategy and anchoring it firmly throughout our entire company. At the same time we aim to assist others throughout the entire value-added chain to the end consumer. Together we can master the major challenges of our time and make the world a brighter place, which is both the vision and purpose of Covestro.”
Suppling underserved markets
In keeping with this vision, the company has undertaken to improve the living conditions of ten million disadvantaged people primarily in developing and emerging countries by the year 2025. Covestro is working with customers, governmental and non-governmental organizations to develop solutions based on its materials, enabling affordable housing, preventing food spoilage and improving hygiene.
As a result, sustainability is a key driver behind innovation at Covestro. The company intends to dedicate four-fifths of its research and development expenditures to delivering sustainability solutions through to 2025. The respective projects will take into account the 17 Sustainable Development Goals (SDGs) established by the United Nations and are to be achieved together with, or with the support of, recognized institutions.
50 percent less greenhouse gases
Covestro intends to halve direct and indirect emissions of greenhouse gases such as CO2 per metric ton of product relative to 2005 emissions by 2025. The company had previously set a target of a 40 percent reduction by 2020, but thanks to numerous improvements in production had already almost achieved this in 2015.
Focusing on carbon, Covestro aims to use the this key element as intelligently as possible and generate from it the greatest possible value. In a first step, the company plans to develop a measurement methodology in collaboration with business partners and recognized institutions.
Also, Covestro will work with its larger suppliers for them to comply fully with its sustainability requirements. A deadline of 2025 has been set for full attainment of this target. Through this initiative, Covestro also wants to help suppliers improve their own sustainability efforts.
With 2015 sales of EUR 12.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites around the globe and employs approximately 15,700 people (full-time equivalents) as of the end of 2016.
This press release is available for download from the Covestro press server at www.press.covestro.com.
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This press release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available on the Covestro website at www.covestro.com. Covestro assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.