Covestro publishes climate neutrality targets for scope 3 emissions

Covestro published its climate neutrality targets for scope 3 emissions, completing its climate strategy for reducing greenhouse gas (GHG) emissions. The company previously published ambitious targets for scope 1 and 2 emissions in 2022.

As a short-term goal, Covestro plans to reduce GHG by 10 million metric tons by 2035, which corresponds to a drop in emissions of 30%. In the long-term, the company plans to be climate-neutral in terms of scope 3 emissions by 2050.

Covestro published climate neutrality targets for scope 3 emissions. (Source: Covestro)

Scope 3 emissions include GHG produced in upstream and downstream supply chains. These make up around 80% of the company’s total GHG emissions. Raw materials purchased by the company are responsible for the greatest share of scope 3 emissions.

Factors in the entire supply chain, including the availability of alternative raw materials, renewable energies, technological advancements and new processes, as well as market transformations, are important in reducing scope 3 emissions.

Covestro expects to make target investments of several hundred million euros over the next 10 years.

The company concentrates on four categories in scope 3 emissions, which make up 21.3 million tons of GHG per year. To do so, Covestro works under the four key levers, including:

• To require suppliers to reduce their scope 1 and 2 emissions

• To introduce alternative raw materials into profitable sale of products

• To manufacturers alternative raw materials with a smaller carbon footprint

• To encompasses different factors to reduce scope 3 emissions, such as increasing recycling rates, changing logistic methods and primary energy extraction

“Completing our climate neutrality targets is another major milestone in aligning all of our activities with our vision of becoming fully circular,” concluded Dr. Markus Steilemann, CEO.