Today: Drought and low water levels burden the economy – Covestro CPO in an interview
The Rhine water level is dropping to historic lows. This means significant losses for companies. What this means for Covestro is explained by CPO Ferdinand Rammrath. Also: The German beneficiaries of the data center boom in the US.
Severe drought and low water levels in German rivers this summer have posed significant economic risks, potentially erasing any economic growth in the country this year, according to the German Institute of Economic Affairs (IW). In response, the newly appointed Federal Transport Minister, Steffen Bilger, invited key stakeholders, including representatives from shipping, ports, and the economy, to a summit in Bonn yesterday.
The Federal Transport Ministry is also planning measures to address the situation. Among the attendees was Ferdinand Rammrath, the Chief Procurement Officer of the German chemical company Covestro, which operates three sites along the Rhine River. Covestro's Chief Procurement Officer, Rammrath, discussed the impact of the drought on his company via a podcast episode.
Drought in Germany is already a major issue; the battle for water has already begun. Meanwhile, the demand for US electricity is driving significant growth for German companies, with several listed firms reporting remarkable half-year results and double-digit stock price increases this year. Handelsblatt's Gökay Gürsoy discussed these companies with Energiereporter Catiana Krapp.
German corporations are reaping substantial benefits from the boom in data centers. Subscribers to Handelsblatt Today can access an exclusive subscription offer at https://www.handelsblatt.com/mehrfinanzen.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
