Government News
Covestro strengthens China presence through sustainability objectives 2024-11-09
Covestro Chief Executive Markus Steilemann welcomes German Chancellor Olaf Scholz to the company's Asia-Pacific Innovation Center in Shanghai in April.
Covestro, a German chemical company, has strengthened its presence in China by aligning its local sustainability objectives with the country's ambitious climate targets, particularly in carbon reduction and the circular economy.
By working closely with local partners, Covestro seeks to leverage its materials expertise to support China's green transition.
This approach has solidified China as one of Covestro's most critical markets, contributing roughly 20 percent of its global sales, and has positioned the company as a prominent example of successful Sino-German collaboration.
The China International Import Expo has been a major platform for Covestro's efforts to highlight its commitment to sustainability and the circular economy while expanding partnerships.
Holly Lei, Covestro's senior vice president and president of Covestro China, noted the importance of these connections.
"The CIIE has enabled critical partnerships with those who share our vision of becoming fully circular," Lei said. "Together, we can make a stronger contribution to China's green transition."
Partnerships initiated at the CIIE include collaborations with Shanghai-based property developers including the Pudong Development Group and the Lujiazui Group.
By focusing on low-carbon solutions for green buildings and leveraging Covestro's expertise in materials such as polyurethanes, these initiatives aim to reduce emissions in the construction industry — a key contributor to carbon emissions in China.
Covestro's dedication to sustainability was also underscored during German Chancellor Olaf Scholz's visit to its Asia-Pacific Innovation Center in Shanghai in April 2024.
This center drives research and development for dynamic sectors, including electric vehicles, wind energy, photovoltaics, and construction, while exploring new business models and digital research and development.
Covestro leverages the CIIE to forge partnerships — here, collaborating with Shanghai-based developer Pudong Development Group to drive low-carbon solutions for more energy-efficient buildings.
Welcoming the chancellor's delegation at the Shanghai innovation hub, Covestro Chief Executive Markus Steilemann expressed Covestro's longstanding commitment to cooperation.
"Our decades-long presence in China epitomizes the spirit of Sino-German collaboration, which has been strongly beneficial for both sides," Steilemann said. "We look to both governments to foster openness and mutual trust. We count on the support of both governments in further catering for openness and mutual trust."
Covestro's intensive investment in China began in 2001 with the groundbreaking of an integrated production site in Shanghai, which is today the company's largest globally. This site has progressively incorporated sustainable practices, with over 40 percent of its power needs now met by renewable energy.
Additionally, the site last year launched Covestro's first dedicated mechanical recycling compounding line for polycarbonates, producing over 25,000 tons of polycarbonates containing recycled materials annually to meet rising demand for such sustainable plastics in electronics, automotive and consumer goods.
"The chemical industry has a significant role to play in driving sustainable change in China and globally," Lei said. "Covestro intends to further deepen localization efforts and expand its partnerships with Chinese industries, academia, and policymakers, among others, to develop meaningful, localized solutions for sustainable development."
Source: Shanghai Daily
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