MSCI upgrades sustainability rating of Covestro
Greater focus on sustainable product solutions and technologies
MSCI, one of the world's leading index suppliers, has raised Covestro's sustainability rating from BBB to A. The financial services provider's reason for the upgrade was Covestro's stepped up focus on sustainable product solutions and technologies as well as continual improvement in safety standards.
We are very pleased about the new rating issued by MSCI. This makes our stock more enticing for investors interested in sustainability," states CFO Dr. Thomas Toepfer. MSCI evaluates companies annually according to ESG (environmental, social, and corporate governance) standards and helps investors identify opportunities and risks in portfolios.
Covestro has integrated the Sustainable Development Goals of the United Nations into its strategy. By 2025, 80 percent of research and development project expenses will be targeted in areas that contribute to achieving these goals. Covestro already supplies materials for wind turbines and lightweight materials for the automotive sector, and uses alternative feedstock such as CO2 in its own production process.
In addition, the company has set ambitious goals for reducing greenhouse gas emissions, another factor emphasized by MSCI: By 2025, emissions per metric ton of product manufactured will be cut by half from 2005 figures.
With 2017 sales of EUR 14.1 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.