Bayer to Invest $5.6 Billion Into Weedkillers Over the Next Decade

Bayer (BAYN.ETR) outlined plans Friday to invest approximately 5 billion euros ($5.64 billion) into developing alternative weedkillers over the next decade while seeking to lower the environmental impact by 30%.

The Leverkusen-headquartered company, which acquired Monsanto last year, said in a statement that it is “raising the bar in transparency, sustainability and engagement, reflecting its heightened responsibility and potential as a new leader in agriculture.”

“We’re making good progress on integrating the acquired agriculture business, and are now starting to implement a series of measures to drive transparency and sustainability across our business,” Werner Baumann, chairman of the board of management of Bayer, said.

With its solutions, the company said that it will reduce the environmental impact by 30% by 2030. Bayer aims to achieve this by developing new technologies, scaling down crop protection volumes and enabling more precise application. It said that this would help to restore and retain biodiversity, combat climate change and make the most efficient use of natural resources.

The company said that it would measure the progress by comparing the Environmental Impact Quotient against the current market standards. The Environmental Impact Quotient was established in the 1990’s by Cornell University and relates volume to toxicity.

Bayer said that it would seek to continuously improve the Environmental Impact Quotient of its crop solutions by investing in innovation for seeds and traits, digital farming, biological solutions and new low-residue and reduced rate application products.

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