Cleaning up China’s poisoned air, water and soil and transforming its industry-dependent economy is a vast task, one that may need an investment of up to 620 billion per year—and government can only directly fund 10-15%. To achieve its ambitions, the government needs to attract investment from the financial sector, private companies, households and international investors. Green finance offers the opportunity and China has rapidly established itself as one of the biggest players in the global green finance movement. But how green are China’s green bonds? Many analysts argue that if you scratch under the Chinese system’s green veneer, it reveals a different color entirely.
“China is not known for greenness, but it is moving in that direction,” says Christian Haessler, Head of Innovation for Covestro in the Asia-Pacific region. An offshoot of the German pharmaceuticals and life sciences giant Bayer, Covestro was spun off in 2015 and today produces advanced raw materials for like the environmental friendly coatings and lightweight materials to be used in electric vehicles. In this interview with CKGSB Knowledge, Haessler explains what Covestro’s business is like in China as a behind-the-scenes firm and how it, with material technology, supports China’s sustainable development.
Chemical companies often run the risk of being associated with environmental degradation and pollution. BASF is conscious of such concerns and that’s why it has adopted a sophisticated strategy to ensure sustainable development. For BASF, sustainability is a concept that runs throughout the lifecycle of a product. The company views sustainable development not just as […]