Covestro as a company: let’s materialize circularity
Polymers or plastics have become indispensable in modern life and for shaping a truly sustainable future. That’s why we are providing materials that serve many key sectors on their transformation journey towards circularity and climate neutrality. We are doing this by constantly developing new ideas, with innovation and sustainability as our driving forces. Yes, it’s sometimes challenging, but that’s how we know we are making ground.
We are curious by nature, if you’re too, jump right in and learn more about us.
Key Figures 2023
Free Operating Cash Flow
Production sites worldwide
*Measured by CO2-equivalents (Scope 1 & 2)
A setup with a clear focus
We offer a broad range of products and services for varying markets, demands and industries. That’s why we group our portfolio by business specifics and customer needs.
There are two big segments: ‘Performance Materials’ and ‘Solutions & Specialties’. In total, they comprise seven business entities. Each entity is set up according to its individual success factors and integrates all business-critical operations throughout the value chain.
In addition, there are certain cross-company ‘build activities’ to ensure our long-term development. These include sustainability, innovation, digitalization and strategy.
The why and the how
It’s rarely an easy question to reply: why do you do what you do? But at Covestro, we have the answer, and we want to show it to you. Because we believe a business is defined not only by its products but rather by its holistic framework.
What our “Sustainable Future” Strategy is all about
The climate crisis is forcing entire industries to adapt. But at Covestro, we don’t just want to adapt; we want to push forward into a circular tomorrow. With our “Sustainable Future” strategy, we are making our company part of the solution to the challenges of our time – we are responsible. Learn more about the three chapters!
Become the best of who we are
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.
Drive sustainable growth
Sustainability and growth are no opposites, our company aims to bring them together. The most important driver for this is the range of innovative and environmentally-friendly products and solutions that we are constantly enhancing. We steer our future-proof portfolio using the Product Sustainability Assessment (PSA). It is based on the methodology developed by the World Business Council for Sustainable Development (WBCSD).
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%.
Become fully circular
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.
A solid foundation: digitalization and culture
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.
Climate change, growing world population, urbanization: these and many other global trends constitute huge challenges for mankind – today and even more tomorrow. Covestro contributes to overcoming them: with a wide range of innovative products and solutions. Because high-quality plastics are a key to an ecological and thus brighter future for the next generation.
Our purpose sets the direction for our actions. We must combine our commitment and responsibility to the preservation of life’s natural foundations with the creation of lasting value.
Today’s economy often works as a one-way street: Take, make, waste – this decade-long principle has become obsolete. That’s why we at Covestro are fully embracing the Circular Economy and want to contribute to making it a global guiding principle.
Circularity is the key to climate neutrality, resource conservation and the preservation of nature and environment. So we encourage everybody to help close the loop by:
- Finding new ways of putting resources to good use and reuse
- Making products that last for as long as possible
- Avoiding waste
- Viewing products as a resource for recycling
- Exploring alternative sources of eco-friendly raw materials (e.g. biomass)
To achieve a goal, you need a strategy, and ours is called “Sustainable Future”. It comprises three strategic chapters: transforming the corporation to exploit its full potential, profitably addressing sustainability, and becoming fully circular.
We realize this program with the power of an accelerated digital transformation and the expansion of our “We Are 1” culture. Are you interested in the details? Learn more about our “Sustainability Future” strategy and concrete actions!