Covestro AG, a Germany-based manufacturer of polymers and polycarbonate, plans to achieve carbon neutrality by 2035, 15 years ahead of the chemical industry's commitment to curbing carbon dioxide emissions.
Carbon neutrality is a global campaign to strike a balance between carbon dioxide emissions and absorption in order to slow down global warming.
Sucheta Govil, chief commercial officer of Covestro, said the company will step up efforts to attain the environmental goal while maintaining its position as a chemical maker supplying feedstock to the construction, automotive, electronic and electrical appliance, and medical industries.
The company has implemented several projects to reduce carbon dioxide emissions.
One project has shifted from using fossil fuel-derived materials to bio-based materials in the manufacturing process.
Others include adopting technology to make chemical products using less energy and using more renewable energy.
During her recent visit to Thailand, Ms Govil said the company will continue to invest here and keep its manufacturing in the country in line with the firm's environmental commitment.
Covestro allocated roughly 8 billion baht to fuel its business in Thailand between 2020 and 2025.
The budget may be increased to meet demand for chemical products in the global market.
Thailand was chosen to be Covestro's headquarters in Asean. The firm currently has 700 employees running its operations in Bangkok, Samut Prakan and Rayong's Map Ta Phut.
Thailand and China are Covestro's key markets. According to Ms Govil, the Asian market accounts for more than a third of the firm's revenue. This market is growing very fast, she said.
Covestro has invested more than €3 billion in China over the past decade and recently embarked on a chemical business in India where its factory started operation last year.
"These markets are important to us. We will continue to invest in these markets," said Ms Govil.
Covestro operates 13 R&D centres across the world, allocating 2.5% of its revenue to develop chemical production technology which emits less carbon dioxide.
"We are among the first polycarbonate manufacturers on track towards reaching our carbon neutrality goal," she said.