BASF celebrates the first anniversary of Sustainability Covalence with its founding partners
- Huaheng Biotechnology co-organizes the forum “Unlimited Vitality”, focusing on new trends in the biotech industry
- BASF shares carbon calculation methodology and promotes low-carbon procurement along value chain
Hefei, China – BASF celebrates the first anniversary of “Sustainability Covalence” with its founding partners in Hefei, Anhui. At the event co-organized by one of the founding partners, Huaheng Biotechnology (AHB), the forum themed "Unlimited Vitality" broadens the horizon of founding members with insights how the biotech industry contributes to the sustainable growth. BASF also shares its carbon calculation methodology and calls for action of low-carbon procurement along the value chain.
Initiated by BASF, “Sustainability Covalence” is an alliance of 14 upstream and downstream partners along the chemical industry value chain, with a shared vision to jointly promote sustainable growth for China. At today’s forum, Sustainability Covalence founding members highlights the project progresses in collaboration with BASF over the past year, ranging from energy-efficient housing, safe and durable plastic applications, and low-carbon transportation, sustainable packaging solutions for food and beverages to reuse and recycing of post-industry plastic wastes.
“At BASF, sustainability is deeply rooted in our corporate strategy. Low carbon and sustainable development are the top priorities addressing the greatest global challenge of our time – climate change,” said Dr. Jeffrey Lou, President and Chairman BASF Greater China. “We believe that the joint efforts across the entire value chain enable us to overcome challenges during low-carbon transformation and co-create a sustainable future.”
Dr. Zheng Daqing, BASF's Senior Vice President, Business and Market Development Greater China said at the event, “I am very excited to see that our partners have made breakthroughs in their respective sectors by leveraging BASF’s know-how and expertise, leading towards significant synergies with positive social, economic, and environmental impacts.”
AHB is one of the pioneering members of BASF’s global Supplier CO2 Management Program, which aims to achieve transparency on the product-related CO2 emissions of BASF's purchased raw materials. “With the shared vision of promoting sustainable development in China, we are very much looking forward to further exploring the new momentum of green growth in synthetic biology with our Covalence partners”, said Guo Henghua, Chairman and General Manager of AHB.
As part of its commitment to sustainability in the value chain, BASF has developed a digital application to calculate the cradle-to-gate Product Carbon Footprints (PCFs) for its 45,000 sales products. To enhance product-level CO2 transparency across the chemical industry value chains and foster standardization, BASF has been openly sharing its PCF calculation methodology with suppliers, customers, and peers. BASF also contributes to the Product Carbon Footprint Guideline recently published by Together for Sustainability (TfS), agreed 37 global chemical companies.
About BASF in Greater China
BASF has been a committed partner to Greater China since 1885. With large production sites in Shanghai, Nanjing and Chongqing, as well as a global and regional research and development hub in Shanghai, BASF is a major foreign investor in the country’s chemical industry. BASF posted sales of approximately €12 billion in 2021 to customers in Greater China and employed 11,070 people as of the end of the year. For further information, please visit www.basf.com/cn/en.
About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 111,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €78.6 billion in 2021. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.
