GHG Emissions, Industrial, Sourcing Renewables - July 27, 2022
Air Products Sets Third Emissions Reduction Goal
Air Products announced an additional set of commitments - a goal for Scope 3 emissions, in addition to its existing Scope 1 and 2 goals and pledges to reach net-zero carbon emissions from its operations by 2050.
The industrial gas company plans to reduce the intensity of Air Products’ Scope 3 emissions by one-third by 2030, using 2015 as the baseline year.
Air Products will also spend or commit at least $4 billion in additional new capital for the transition to clean energy over the next five years, bringing its total commitment to first-mover projects to $15 billion through 2027.
The company has committed over $11 billion to real zero- and low-carbon hydrogen projects and the benefits from these announced hydrogen projects in execution, if all used for the heavy-duty truck market, will eliminate more than 20 million tons of CO2 per year.
“These commitments complement and reinforce our growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey,” said Air Products' CEO Seifi Ghasemi in a statement.
To help reach net zero from its operations by 2050, Air Products identified transition plans for new investments and modifications of existing company assets, including low- and zero-carbon hydrogen. Air Products will also continually increase its use of renewable energy, convert its fleet of about 2,000 trucks to hydrogen fuel cell zero-emission vehicles, and implement additional actions.