Energy Efficiency, GHG Emissions, Industrial - January 13, 2023
LyondellBasell Increases 2030 Reduction Goal
LyondellBasell, a global chemicals company, announced it is increasing the company's 2030 GHG emissions reduction target for Scope 1 and 2 emissions from 30% to 42%, relative to a 2020 baseline.
The company is establishing a 2030 scope 3 GHG emissions reduction target of 30%, relative to a 2020 baseline and in accordance with guidelines from the Science Based Targets Initiative (SBTi). The company's previously announced goal to achieve net zero scope 1 and 2 GHG emissions from global operations by 2050 remains unchanged.
LyondellBasell also aims to secure at least 75% of its global electricity from low carbon power by 2030.
"We believe a more ambitious GHG reduction target is achievable and will create substantial value for all of our stakeholders," said Peter Vanacker, CEO of LyondellBasell in a statement. "Reducing emissions while simultaneously building a world-class Circular and Low Carbon Solutions business is needed to meet the demands we are seeing throughout the value chain. This approach is not only good for society, but also good for business."
Estimates of the capital expenditures necessary to achieve its emissions reduction goals are built into the company's long-range plan. These investments are not expected to represent a significant portion of total capital expenditures over the next three years, nor change the capital allocation strategy.
LyondellBasell will submit its climate goals to SBTi to be validated against SBTi guidance.
In the near term, LyondellBasell continues to execute its previously announced initiatives to reduce emissions, including:
- Startup of four power purchase agreements in Texas, representing approximately 400 thousand metric tons of the company's scope 2 GHG emissions annually
- Phasing out the use of coal at its Wesseling, Germany site, reducing the site's scope 2 emissions by about 170 thousand metric tons annually