Covestro is first materials supplier to sign on to initiative
Cutting-edge collaboration promotes resource efficiency
Agreement aligns with Covestro’s ambitious sustainability goals
Pittsburgh, PA, July 19, 2017 — Covestro, a leading materials supplier, and the International Finance Corporation (IFC), a member of the World Bank Group, have entered into an agreement to share knowledge and promote IFC’s EDGE, a green building software, standard and certification system for emerging markets. Covestro is the first materials supplier to be asked to serve as a champion of EDGE.
Covestro and IFC share a common aspiration: moving the construction industry on to a lower carbon path. Through the agreement, the organizations will work together to accelerate the adoption of resource-efficient building options in developing countries, particularly in the area of low-carbon building materials.
IFC developed EDGE, which stands for Excellence in Design for Greater Efficiencies, to make it fast, easy and affordable to build more sustainably in emerging markets by proving the financial viability of resource-efficient building. The EDGE software, which is supplied at no charge, empowers decision makers to determine the most cost-effective technical solutions for reducing the use of energy, water and embodied energy in materials for their building projects. Beneath the EDGE interface are complex data sets and algorithms that factor in the building type, local climate, costs and occupant behavior to design a better building.
Sustainability is a driving focus at Covestro, as demonstrated by its ambitious sustainability targets. By the year 2025, Covestro aims to align 80 percent of its research and development project spend toward meeting the United Nations Sustainable Development Goals. Additionally, the company aspires to contribute to improving the lives of 10 million people in underserved markets, primarily in developing and emerging countries.
“The collaboration with IFC aligns perfectly with our commitment to continuous sustainable development,” said Richard Northcote, Covestro chief sustainability officer. “Resource-efficient building practices have a positive impact on people and our planet. This goes hand-in-hand with our longstanding commitment to developing materials and technologies that promote greater resource efficiency, including products used in building and construction.”
Covestro has a proven track record of successful collaboration in advancing sustainable building solutions. Along with industry partners and local governments, Covestro is pioneering new building models to provide affordable housing solutions in underdeveloped and overpopulated regions of the world. These innovative homes are built using highly insulative polyurethane wall panels made from Covestro materials, enabling fast, inexpensive and energy-efficient construction.
“IFC’s collaboration with Covestro will help empower the private sector in emerging markets to adopt low-carbon construction materials,” said Alzbeta Klein, director and global head for IFC’s climate business. “It unites us in shared thought leadership so that, together, we can amplify the awareness and education of sustainable building practices in emerging markets.”
IFC’s ambition is to transform 20 percent of the construction market in more than 130 industrializing countries with the support of industry leaders, governments and financial institutions. Resource-efficient buildings provide a tangible value that can be passed from the developer to customers in the form of utility savings. They also have less negative impact on the environment and reinforce a more sustainable corporate brand.
IFC has a green building investment portfolio of nearly $3 billion, which includes its own direct investments and mobilized financing. Complementing its investment work, IFC advises governments on green building regulations in Bangladesh, Colombia, Costa Rica, Indonesia, Panama, Peru, the Philippines and Vietnam.
About Covestro LLC:
With 2016 sales of EUR 11.9 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, formerly Bayer MaterialScience, has 30 production sites worldwide and employs approximately 15,600 people (calculated as full-time equivalents) at the end of 2016.
Find more information at www.covestro.com.
An innovation of IFC, EDGE helps property developers to build and brand green in a fast, easy and affordable way. EDGE is supported by free software that encourages solutions to reduce energy, water and the energy used to make building materials by at least 20 percent, which is the standard for EDGE certification. The program has been generously supported by the following donors: Austria, Canada, Denmark, ESMAP, EU, Finland, GEF, Hungary, Japan and Switzerland. For more information, visit www.edgebuildings.com.
Alice Sox, Phone: 412-413-5430
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This press 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 on the Covestro website at www.covestro.com. Covestro assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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