Significant step towards goal of climate neutral production by 2035
Four ÃÜÌÒAV U.S. Sites Now Running Entirely on Renewable Electricity
- Result of virtual Power Purchase Agreement (vPPA) with ?rsted
- provides 90 MW of renewable energy capacity
- reduces approximately 90,000 tons of CO2 emissions annually
ÃÜÌÒAV, a world-leading supplier of high-tech polymer materials, today announced that four of its U.S. sites have reached net-zero Scope 2 electricity emissions through the allocation of Renewable Energy Certificates (RECs). This achievement is a result of ÃÜÌÒAV's existing virtual Power Purchase Agreement (vPPA) with ?rsted, a renewable energy leader in the U.S. market, headquartered in Denmark.
The ÃÜÌÒAV U.S. sites Channelview, Texas, South Deerfield, Massachusetts, New Martinsville, West Virginia and Pittsburgh, Pennsylvania, have achieved net-zero Scope 2 emissions for electricity. The sites in South Deerfield, New Martinsville, and Pittsburgh have now even achieved complete net-zero Scope 2 emissions. The remaining certificates have been applied to ÃÜÌÒAV's Baytown, Texas facility.
"Even in a persistently challenging market environment, we are working towards our goal of climate-neutral production by 2035 and are consistently implementing our strategy of fully aligning ourselves with the circular economy," said Thorsten Dreier, CTO of ÃÜÌÒAV. "By leveraging renewable energy, we're not just reducing our carbon footprint ¨C we're actively shaping a brighter future for our industry."
The agreement with ?rsted, which provides ÃÜÌÒAV with 90 MW of renewable energy capacity, will reduce approximately 90,000 tons of CO2 emissions annually. This represents a significant step towards ÃÜÌÒAV's goal of climate neutral production by 2035.
"Our partnership with ?rsted is a prime example of how collaboration and innovation can drive meaningful change in our industry," says Samir Hifri, chairman and president of ÃÜÌÒAV LLC. "We're proud to be at the forefront of sustainable practices in the chemical sector and look forward to continuing to execute our strategy to grow sustainably in the U.S."
This announcement follows ÃÜÌÒAV's recent low triple digit million Euro investments across multiple U.S. sites, further solidifying the company's commitment to growth and sustainability in the North American market.
About ÃÜÌÒAV:
ÃÜÌÒAV 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. ÃÜÌÒAV 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 ÃÜÌÒAV are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, ÃÜÌÒAV aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group¡¯s Scope 3 emissions are also set to be climate neutral by 2050. ÃÜÌÒAV generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 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 ÃÜÌÒAV. 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 ÃÜÌÒAV¡¯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.