EIB has provided a €500 million loan to support the research and development of chemicals supplier Evonik.
The European Investment Bank (EIB) has granted a €500 million loan to specialty chemicals supplier Evonik. The loan will be used to finance the European research and development activities of the company, which has firmly integrated sustainability
into all elements of its business strategy.
The loan will support Next Generation Solutions, the company's sustainable product portfolio, which represents 43% of Evonik's overall revenue, with a target of more than 50% by 2030. Next-generation solutions include biosurfactants
from Slovakia, nanoparticles lipid membranes from Germany and gas filtration membranes from Austria.
“EIB financing focuses on enabling our clients to develop their own solutions to achieve climate action, circularity and biodiversity goals. We are glad to support Evonik on this path, accelerating the implementation of the company’s ambitious transformation programme,” has stated Nicola Beer, Vice-President of EIB.
Furthermore, research and development help reduce the company's footprint by reducing both direct and indirect greenhouse gas emissions resulting from production processes. The company's climate goals are aligned with the Paris Agreement on climate change, which aims to limit global warming to well below 2° Celsius. Evonik is also committed to revalidating its climate targets in the near future, in order to align with a pathway that limits warming to 1.5ºC by 2050.
"Every day we are working on more energy-efficient, durable, bio-based and circular solutions. The financing from the EIB is a valuable recognition of our contribution to the sustainable development of Evonik and our customers," has added Maike Schuh, CFO of Evonik.