MSCI upgrades sustainability rating of Covestro
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.
Sustainable Development Goals of the United Nations
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.
Reduction of greenhouse gas emissions
In addition, the company has set ambitious goals for reducing greenhouse gas emissions, another factor emphasised by MSCI: By 2025, emissions per metric ton of product manufactured will be cut by half from 2005 figures.
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