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BASF boosts R&D for sustainable ag innovations

March 05/2021

MOSCOW (MRC) -- BASF says it is strengthening its activities in R&D for sustainable agricultural innovations, with more than 30 major R&D projects complementing BASFs "connected offer" of seeds and seed-treatment products, chemical and biological solutions, as well as digital services by 2030, said Chemweek.

This brings the companys pipeline of agricultural solutions to an estimated peak sales potential of more than EUR7.5 billion (USD9.0 billion), supporting BASFs aim to increase its sales share of agricultural solutions with substantial contribution to sustainability by 7% annually, it says.

"By 2050, farmers will have to feed an estimated 9.7 billion people, requiring an increase in productivity of 50%. Digitalization has the potential to make an important contribution to this," BASF says. As a response, the company is advancing its digital technologies together with other innovations across its whole portfolio. This combination will allow farmers to achieve better yield on existing arable land, and support biodiversity preservation, BASF says.

Other innovations that will help meet growing demand for sustainably produced food include BASFs advanced insecticides portfolio and new seed varieties. Meanwhile, the company is investing in research on indoor growing systems such as growing lettuce in hydroponic systems. These require less land, save water compared with traditional open-field cultivation, and reduce the need for conventional crop protection, the company says.

BASF spent EUR840 million on R&D in the agricultural solutions segment in 2020. This represents about 11% of the segments sales, it says. In 2021, the company says it will continue to invest in R&D into agricultural innovations at a high level.

BASF has committed to sustainability targets for its agriculture business by 2030. It aims to increase the annual sales share of sustainable agricultural solutions, and support farmers to reduce their CO2 emissions by 30% per metric ton of crop produced. The company adds that it strives to apply digital technologies on more than 400 million hectares of farmland cumulatively by 2030, while continuing to ensure the safe use of its products."

As per MRC, BASF says a continued and rapid escalation in raw material costs and availability, as well as higher manufacturing and transportation costs, has prompted it to increase its formulation and performance additives prices in North America by up to 10%. The increase will be effective 1 April 2021, or as contracts permit.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, BASF.
Category:General News
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