GHG Emissions, Industrial - October 5, 2021
LyondellBasell Unveils Plans for Net-Zero Operations
LyondellBasell released Sept. 29 its plan for reaching net-zero emissions in its global operations by 2050.
In the interim, the plastics and chemical company intends to reduce absolute Scope 1 and 2 emissions by 30% and source 50% renewable electricity by 2030. This is an acceleration of the company’s previous goal to reduce emissions by 15% by 2030, compared to 2015 levels.
To reach these targets, LyondellBasell plans to deploy enhanced energy management and low emission steam and explore technologies related to flare minimization and process electrification. The company will also increase its use of low-carbon fuels and plans on evaluating ways to incorporate hydrogen, carbon capture and storage and carbon utilization into its operations.
To further support these targets, LyondellBasell also released the details of global renewable energy strategy, which is expected to result in 4.9 million MWh per year coming from renewable sources by 2030 and the reduction of 2 million metric tons of Scope 2 CO2 emissions. The company will begin to phase out goal use from its Wesseling, Germany production site by 2023 and plans to express support for decarbonization public policies.
LyondellBasell will report the results of a climate risk assessment and its progress in reducing emissions annually according to the Taskforce on Climate-Related Financial Disclosure (TCFD) guidelines.
“While climate science is extremely complex, there is little doubt greenhouse gases contribute to global warming. The UN's Intergovernmental Panel on Climate Change report is the most recent indicator that firm commitments, collective action and a sense of urgency are needed to help address the global challenge of climate change,” CEO Bob Patel said in a statement. “To ensure that LyondellBasell's targets are ambitious and achievable, we have developed a strategy to reduce our emissions footprint by 30 percent by 2030 with the goal of reaching net zero emissions by 2050. We are confident in our approach and committed to doing our part.”