GHG Emissions, Sourcing Renewables, Wind - March 4, 2022
Covestro Sets 2035 Goal for Climate Neutrality
Covestro has set new climate targets and aims to become climate neutral and achieve net zero emissions by 2035 for Scope 1 and Scope 2. The company plans to cut GHG emissions from its own production (scope 1) and from external energy sources (scope 2) by 60% to 2.2 million metric tons by 2030. In addition, indirect GHG gas emissions from upstream and downstream processes in the value chain (scope 3) will be reduced. Covestro intends to announce a reduction target for this by 2023.
To achieve net zero emissions, Covestro anticipates dedicated investments of an accumulated EUR 250 million to EUR 600 million by 2030, resulting in lower operating expenses of expected EUR 50 million to 100 million annually due to growing energy efficiency. Covestro also expects an increase in operating expenses in the magnitude of a low three-digit million EUR amount annually.
“For the past two years, we have been working at full speed on our vision to become fully circular. We have already reached important milestones on this path and continue to set ourselves ambitious goals. Thanks to this approach, we are a pioneer in our industry and have accomplished many successes. One next milestone are our bold climate targets,” said Dr. Markus Steilemann, CEO of Covestro in a statement. “In a circular economy, we can protect the climate, nature and resources and achieve sustainable growth that respects planetary boundaries. Covestro and the chemical industry are part of the solution. Sustainability cannot be done alone and will require a greater effort from everyone to achieve the goals of the Paris Climate Agreement. Policymakers, business and society must work together to achieve ambitious climate goals.”
The company has met its ambition to reduce GHG gas emissions by 50% per metric ton of product produced by 2025 earlier than expected., Covestro has cut emissions by 54% in 2021, compared to base year 2005.
Covestro is updating and expanding its existing management system at the start of fiscal year 2022 and is adding a sustainability component, measured by direct and indirect GHG gas emissions (scope 1 and 2) in 2022.
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