Covestro as a company: let’s materialize circularity

Exploiting one's full potential is the basis for continual and profitable success. We at Covestro are constantly striving to become as customer-centric, efficient and competitive as possible. The clear organizational setup that we introduced in 2021 has been a major step in this direction.

Our work is focused on aligning our product portfolio even more closely with sustainability and circular economy targets. Covestro is building a future-proof, innovative, and sustainable product portfolio using the Portfolio Sustainability Assessment (PSA) based on the methodology developed by the World Business Council for Sustainable Development (WBCSD). This process entails identifying changes in the regulatory and market environment early on with the help of the PSA and considering these as part of the decision-making processes. The results of the PSA are to be integrated in decisions about the product portfolio and in relation to corporate governance. The findings of the pilot project on the evaluation method are currently used to further optimize the method in collaboration with an external provider and, for example, to integrate more deeply aspects of the circular economy, climate neutrality, and impact on society. The remaining stages of the pilot and the external review of the methodology are expected to be completed in fiscal 2024.

And did you know? Our company is one of the world’s leading suppliers of environmentally-friendly coating resins – also due to the acquisition of the Resins & Functional Materials (RFM) business from DSM.

In addition, we invest in market segments that are attractive and eco-friendly for the long term. And we will orient all growth-promoting activities (e.g. our venture capital initiative) even more towards sustainability.

By 2025, 80% of our spending for research and development projects shall contribute to UN Sustainable Development Goals (SDGs). At the end of 2022, we are at 51%.

To promote a closed-loop economy, we have to start with ourselves. Covestro will be fully circular, and the steps along the way are defined in our global “Circular Economy” program. It is centered around using alternative raw materials and renewable energy as well as fostering innovative recycling and joint solutions.

In the long run, we aim to produce 100% of our products from alternative raw materials to get rid of fossil resources such as crude oil. By realigning our production, we will be able to use raw materials sourced from biomass and recycled components.

In 2022, Covestro purchased and incorporated over 55,000 tons of renewable raw materials.

In circularity, climate neutrality plays a vital part. It means that our actions must not have a negative impact on the climate; that applies to the company’s manufacturing, too. We are striving to become climate neutral by 2035 with regard to greenhouse gas emissions stemming from our own production and the energy we purchase from suppliers.

With our global climate program, we aim to run all production sites with 100% renewable energy. Did you know that already 45% of electricity used at our Antwerp (Belgium) Site is renewable?

It takes a team to push boundaries. That’s why we establish partnerships and networks around the globe.

Do you want to know more? Gladly! Read more about Covestro and Sustainability.

Our “Sustainable Future” strategy relies on a solid foundation: our “We Are 1” culture and the comprehensive digital transformation which we consequently drive at multiple levels. This includes leveraging the potential of artificial intelligence and expanding our digital research and development activities, for example, by cooperating with international tech companies like Google. We also make profitable use of algorithms and machine learning, supported by valuable insights from data science.

As for our workforce, we want our employees to question the status quo and develop new business approaches. And we’re aware that this is only possible in an open and inclusive climate. That’s why we have created the “We are 1” corporate culture, brought to life by every one of our employees and based on our unique set of values: we are curious, courageous and colorful.