COVESTRO AG - Joint solutions to enhance supply chain transparency of sustainable plastics
- Carbon accounting and tracing platform empowered by digital technology
- Proven use case in the consumer goods sector
Driven by rising consumer expectations and regulatory requirements, it's becoming increasingly essential to measure the utilization of sustainable materials and their associated carbon footprint data along the value chain. Achieving this goal demands not only close collaboration across the value chain but also the availability of tools to enable traceability. Materials manufacturer Covestro has embraced this challenge by forging a partnership with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group. Together, they will provide downstream industries starting in Asia with essential solutions and tools to enhance supply chain transparency through enabling carbon accounting and tracing for sustainable materials.
Under this partnership, one of Covestro's key roles is to provide more sustainable plastic solutions along with their carbon footprint data. Alibaba Cloud's Energy Expert, an AI-driven sustainability platform, plays a crucial role in realizing the whole life cycle emission accounting from recycled materials to final consumer products leveraging digital technology such as blockchain. It also provides an end-to-end solution for industrial companies to measure and optimize their carbon footprint across their production lifecycle.
"As a materials manufacturer with a high focus on sustainable material innovation, Covestro is committed to driving circularity and climate neutrality. Our collaboration with Alibaba Cloud marks a significant milestone in our journey towards a circular and climate-neutral future," says Lily Wang, Global Head of the Engineering Plastics Business Entity, at Covestro. "With our joint solutions, we are supporting our customers to improve their supply chain transparency while building trust among environmentally conscious consumers, thereby driving industries towards a greener future."
"We are proud to partner with Covestro in pioneering sustainable solutions that drive positive environmental impact," says William Xiong, Vice President of Alibaba Cloud Intelligence. "By leveraging our advanced cloud infrastructure and expertise in sustainability technology, we are enabling value chain partners to trace materials with enhanced transparency and efficiency as well as to optimize their carbon footprint to achieve their sustainability target. This partnership exemplifies the transformative power of technology in creating a more sustainable future."
The joint solutions offered by the two parties have already been implemented in the consumer goods sector. For example, Covestro collaborated with China's leading beverage maker Nongfu Spring to recycle its 19-litre water barrels into post-consumer recycled polycarbonate. The material was then used by KACO, a niche stationary brand in China, to produce gel pens. Through Alibaba Cloud Energy Expert's carbon emission accounting and digital tools, consumers can scan a QR code on the packaging of the pens to trace the origin of the material, see a detailed breakdown of the carbon footprint at each stage in the production chain and the number of carbon emission slashed compared to the virgin materials.
About Alibaba Cloud:
Established in 2009, Alibaba Cloud (http://www.alibabacloud.com) is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, big data analytics, machine learning and artificial intelligence (AI) services. Alibaba has been named the leading IaaS provider in Asia Pacific by revenue in U.S. dollars since 2018, according to Gartner. It has also maintained its position as one of the world's leading public cloud IaaS service providers since 2018, according to IDC.
About Covestro:
Covestro 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. Covestro 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 Covestro 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, Covestro 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. Covestro generated sales of EUR 14.4 billion in fiscal year 2023. At the end of 2023, the company had 48 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 Covestro AG. 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 Covestro'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.
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Covestro AG published this content on 20 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2024 08:03:07 UTC.
