Covestro is launching a comprehensive program to further sharpen its focus on sustainable development.
According to Covestro, it has established five measurable targets it wants to achieve by 2025, covering processes and products as well as research and development. The program is also said to address 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 clearly 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.”
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 organisations 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, recognised institutions.
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 recognised 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.
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