(BRIEF) Evonik, Germany’s second-largest chemical company, has secured a €500 million framework loan from the European Investment Bank (EIB) to boost its sustainable transformation. The investment will go into Evonik’s portfolio of next-generation solutions, which focuses on circular, bio-based and energy-efficient products. These solutions, which account for 43% of Evonik’s revenues, align with the company’s commitment to integrate sustainability into its corporate strategy and reduce greenhouse fuel emissions. The six-year loan reinforces Evonik’s efforts to achieve its weather targets in line with the Paris Agreement, demonstrating its commitment to fostering a more sustainable future.
(PRESS RELEASE) LUXEMBOURG, March 14, 2024 — /EuropaWire/ — The European Investment Bank (EIB) is offering a €500 million framework loan to Evonik, Germany’s second-largest chemical company and one of the world’s largest. to fund the company’s European and progression activities, which firmly incorporated sustainability into all aspects of its corporate strategy in 2022.
The loan will go to Next Generation Solutions, the company’s sustainable product portfolio. This portfolio currently accounts for 43% of Evonik’s total revenues, with a target of more than 50% by 2030. Next-generation responses include, among other products, biosurfactants from Slovakia, lipid nanoparticles from Germany, and membranes for fuel filtration from Austria. Europe is the company’s key location for most of its research and development.
Research and progress are also helping the company’s footprint by reducing direct and oblique greenhouse fuel emissions from production processes. The company’s climate goals are in line with the Paris Agreement on climate change, which aims to restrict global warming to well below 2 degrees Celsius. has been qualified through the Science Based Targets initiative, a corporate climate action organization. In addition, Evonik is running to revalidate its short- and long-term climate goals in order to align with a trajectory that restricts warming to 1. 5°C until 2050.
The EIB loan is valid for six years from the date of use. The EU bank will thus complement Evonik’s existing funding portfolio with a long-term financing tool that will provide interesting situations to the existing market.
EIB Vice-President Nicola Beer, who oversees financing in Germany, said: “EIB financing aims to enable our clients to scale up their own responses to achieve climate action, circularity and biodiversity targets. We are pleased with Evonik on this journey, accelerating the implementation of the company’s ambitious transformation agenda. “
“Every day, we use circular, bio-based, more energy-efficient and sustainable solutions. The EIB’s financing is a valuable demonstration of our contribution to the sustainability of Evonik and our clients,” added Maike Schuh, Chief Financial Officer of Evonik Maike Schuh.
Background information
EIB
The European Investment Bank (EIB) is the European Union’s long-term lending institution, owned by its Member States. It finances sound investments that contribute to the EU’s policy objectives. The EIB projects competitiveness, stimulates innovation, promotes sustainable development, social policies and territorial team spirit and helps a just and immediate transition towards climate neutrality. The EIB projects competitiveness, stimulates innovation, promotes sustainable development, social and territorial team spirit and supports a just and immediate transition to climate neutrality.
All projects financed through the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not finance investments in fossil fuels. We are on track to deliver on our commitment of €1 trillion in climate and environmental sustainability investments in the 2030s, as promised in our Climate Bank Roadmap. More than a fraction of the EIB Group’s annual financing projects that contribute directly to the climate replace mitigation, adaptation and a healthier environment.
Around part of EIB financing in the European Union goes to team-building regions, where the source of per capita income is lower. This underscores the Bank’s commitment to fostering inclusive expansion and convergence of living standards.
Evonik
Evonik is a global leader in specialty chemicals. The company is active in more than a hundred countries around the world and generated liquidity of €15 billion and operating profit (adjusted EBITDA) of €1. 66 billion in 2023. Evonik goes far beyond chemistry. to create innovative, cost-effective and sustainable solutions for its customers. Around 33,000 painters work together towards a common goal: to protect the lives of today and tomorrow.
For more key points on weather target validation, please refer to the SBTi Target Scoreboard: https://sciencebasedtargets. org/target-dashboard
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SOURCE: European Investment Bank
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