06
November
2022
|
14:15
Europe/Amsterdam

Covestro to promote low-carbon PU solutions under new cross-industry partnership in China

China International Import Expo

Summary

• Reducing emissions with mass-balanced MDI, TDI and TPU solutions 
Driving the polyurethanes industry towards carbon neutrality 
• Contributing to China's dual carbon goals 

Today at the  fifth China International Import Expo (CIIE), Covestro signed a memorandum of understanding (MOU) with partners for strategic cross-sector cooperation in the polyurethanes (PU) value chain in China. The partnership aims to promote the use of low-carbon PU solutions and reduce the PU industry’s dependency on fossil resources thus contributing to a circular economy. 

The signing ceremony was endorsed by the China Polyurethane Industry Association (CPUIA). The association also signed the MOU together with Xtep Group, Sinomax Group, Huafon Microfiber, Silan Group and Delida. The companies are either customers or distributors of Covestro’s PU products in the sectors ranging from sportswear and sleeping goods to leather products and construction.

Jianbo Li, Deputy Secretary-General of China Polyurethane Industry Association, said, “We are very glad that Covestro is leading the innovative, strategic cooperation with downstream frontrunners to reduce dependency on fossil-based raw materials, to support China’s efforts in achieving its carbon neutrality targets for the future.”

"Developing joint solutions to advance the circular economy with partners is a key focus area of Covestro. We are delighted to initiate this new partnership with key players in the PU industry in China to lower carbon footprint, and we see huge market potential for low-carbon PU solutions,” said Holly Lei, President of Covestro China. 

More sustainable polyurethanes

Polyurethane, which was invented by Covestro’s predecessor company more than 80 years ago, has become one of the most versatile plastics today. With a vision on the circular economy, Covestro has been making PU more sustainable. 

For example, the Desmodur® CQ low-carbon-footprint TDI and Desmodur® CQ climate-neutral MDI are offered by Covestro via mass balance. Both are the key components for the production of PU foams. Under the mass balance method, bio-based or recycled raw materials are fed in at an early stage of extraction and mathematically assigned to purchasers of downstream products without the need to change their production procedures.

The latest collaboration will explore new applications of Covestro’s mass-balanced portfolio of MDI, TDI and TPU solutions, which are featured at this year’s CIIE booth in applications such as building insulation, upholstered furniture, leather goods, high-performance shoes, among others. With a significant proportion of non-fossil-based raw materials – including plant waste, used cooking oil, and vegetables oils – these mass-balanced portfolios, certified to the internationally recognized ISCC PLUS standard, can help manufacturers reduce carbon emissions. 

Covestro's collaboration with cross-industry partners will focus on three aspects: developing low-carbon solutions to accelerate industry upgrades in downstream sectors toward a circular economy; strengthening cooperation across the value chain in support of carbon neutrality; and jointly promoting solutions to the market through publicity and marketing campaigns – for example by participating in the CIIE and other high-level events.

In the future, Covestro hopes to expand cross-industry cooperation up and down the value chain by inviting more partners to join and work on new solutions toward a more sustainable and circular future.

Boilerplate

About Covestro:

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself. 

The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 15.9 billion in fiscal 2021. At the end of 2021, the company had 50 production sites worldwide and employed approximately 17,900 people (calculated as full-time equivalents).

Forward-looking statements

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.