- BASF has committed itself to launching at least 30 R&D projects by 2030, which will focus on sustainable agriculture innovations that complement its offerings in seeds, seed treatments, biological and chemical solutions, and digital services.
- The German biochemicals giant said the commitment brings its innovation pipeline to an “estimated peak sales potential” of over €7.5 billion ($8.97 billion).
- “Sustainability is engrained in our entire R&D process. It leads the way in how we develop our innovations which help farmers produce more crops and increase efficiency while preserving natural resources,” Paul Rea, senior vice president at BASF Agricultural Solutions North America, said in a statement.
Why it matters:
The enhanced innovation pipeline is aimed at helping BASF on its way to meeting the ambitious sustainability goals it has tasked itself with.
In November 2020, the company set a number of targets to reach by 2030, including a 30% reduction in carbon dioxide emissions per ton of crop, covering at least 400 million hectares of farmland with its digital solutions, and a 7% annual increase in sales share for its products with a “substantial sustainability contribution.”
BASF Venture Capital is “catalyzing change for the chemicals industry” – read the interview, and more from AFN‘s Agtech CVC series, here
Last month, BASF Venture Capital managing director Markus Solibieda told AFN that the company will launch at least 30 ag R&D projects internally over the next decade, while also looking for innovation investment opportunities externally.
BASF’s Agricultural Solutions division spent €840 million ($1 billion) on R&D in 2020, equating to about 11% of its sales.