Covestro announces climate-neutral target for Scope 3 emissions

        Recently, Covestro announced its climate neutrality target for scope 3 emissions: the climate neutrality target for scope 3 emissions forms a complete climate strategy for greenhouse gas emission reduction. Achieving net zero emissions requires close cooperation across the entire supply chain. Covestro will work with customers and suppliers to promote scope 3 emissions reduction and move towards climate neutrality. Covestro plans to achieve net zero emissions of scope 3 greenhouse gases by 2050.

        Invest hundreds of millions of euros to promote green transformation of the supply chain

        Previously, Covestro announced ambitious goals for scope 1 and scope 2 emissions reductions in 2022, including achieving climate neutrality in operations by 2035. Scope 1 emissions come from Covestro's own production operations, scope 2 emissions come from purchased energy, and scope 3 emissions include all other greenhouse gases generated upstream and downstream of the supply chain, accounting for about 80% of the company's total greenhouse gas emissions.

        Of Scope 3 emissions, the largest share is generated by raw materials purchased by Covestro. Reducing Scope 3 emissions requires a transformation of the entire supply chain, in which several interrelated factors play a key role, including the supply of alternative raw materials and renewable energy, technological development and process innovation, and market transformation. To achieve net zero emissions, Covestro will make targeted investments totaling hundreds of millions of euros over the next 10 years.

        Four pathways to help achieve targets and reduce Scope 3 emissions

        According to its climate strategy, Covestro will focus on reducing emissions in four categories of Scope 3 in the short and medium term*. The company's annual emissions in these four categories total 21.3 million tons of greenhouse gases (as of 2021). By managing emissions in these four categories, Covestro will be able to reduce Scope 3 emissions by 10 million tons by 2035. To this end, Covestro has identified four key pathways, related projects are already underway, and more specific implementation measures will follow.

        *Raw materials (included in scope 3.1); waste treatment (scope 3.12); fuel and energy related (scope 3.3); upstream transportation (scope 3.4).