Renewable Energy – Pillar of the Circular Economy
Covestro is gradually converting its production locations around the world to renewable energies. The company is especially counting on direct long-term supply agreements for wind and solar power with major energy providers. Overall, Covestro wants to cover 100 percent of its energy needs with renewable sources and reduce its greenhouse gas emissions from purchased energy to net zero by 2035.
Green energy direct from the source
Covestro signed its first direct agreement with Ørsted in Germany in 2019, in what was then the world's largest supply contract for offshore wind energy. From 2025, the Danish energy provider will deliver green electricity for ten years, which will be generated in a newly built wind farm in the North Sea. The capacity is one hundred megawatts – enough to cover the electricity needs of 300,000 people.
Covestro has signed similar agreements for its factories in Europe and Asia; most recently for the locations in Baytown on the Gulf of Mexico and in Antwerp, Belgium. The company also sees such direct agreements as a tool for promoting the energy transition worldwide. In 2023, the company was already covering around 16 percent of its global energy demand from renewable sources, up from twelve percent in the previous year.