Covestro has published its climate neutrality targets for Scope 3 emissions, completing its climate strategy for reducing greenhouse gas emissions.
In the short term, the company plans to reduce greenhouse gases by 10 million metric tons by 2035. This corresponds to a drop in emissions of 30% compared to the base year 2021. In the long term, Covestro plans to be climate neutral in terms of Scope 3 emissions by 2050.
The Pittsburgh-based foam industry supplier published targets for Scope 1 and Scope 2 emissions in 2022, which included achieving operational climate neutrality by 2035. Scope 1 emissions come from Covestro’s own production processes, while Scope 2 emissions result from purchased energy sources.
Scope 3 emissions include all other greenhouse gases produced in the upstream and downstream supply chains. These make up around 80% of the company’s total greenhouse gas emissions. Raw materials purchased by Covestro are responsible for the greatest share of Scope 3 emissions.
Reducing Scope 3 emissions will require a transformation of the entire supply chain. A variety of factors play a role in this process, such as the availability of alternative raw materials, renewable energies and technological advancements. To achieve net zero emissions, Covestro expects to make investments amounting to several hundred million euros over the next 10 years.
“Our Scope 3 targets are both ambitious and realistic, supported with a concrete implementation plan,” said Dr. Markus Steilemann, CEO of Covestro. “Completing our climate neutrality targets is another major milestone in aligning all our activities with our vision of becoming fully circular.”
Covestro Signs Renewable Energy Agreement for U.S. Operations
