MSCI, one of the world’s leading index suppliers, has raised Covestro’s sustainability rating from BBB to A. The financial services provider’s reason for the upgrade was Covestro’s stepped up focus on sustainable product solutions and technologies as well as continual improvement in safety standards.
“We are very pleased about the new MSCI rating. This makes our stock more enticing for investors interested in sustainability,” states CFO Dr. Thomas Toepfer. MSCI evaluates companies annually according to ESG (environmental, social, and corporate governance) standards and helps investors identify opportunities and risks in portfolios.
Covestro has integrated the Sustainable Development Goals of the United Nations into its strategy. By 2025, 80 percent of research and development expenses will be targeted in areas that contribute to achieving these goals. Covestro already supplies materials for wind turbines and lightweight materials for the automotive sector, and uses alternative feedstock such as CO2 in its own production process.
In addition, the company has set ambitious goals for reducing greenhouse gas emissions, another factor emphasized by MSCI: By 2025, emissions per metric ton of product manufactured will be cut by half from 2005 figures.
About Covestro:
With 2017 sales of EUR 14.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017.
