Commercial, Solar, Sourcing Renewables - February 2, 2023
LyondellBasell Advances Towards its 2030 RE Target
LyondellBasell announced it signed the first two European renewable electricity power purchase agreements (PPAs) and two additional PPAs in the U.S.
The combined additional contracts represent a total of approximately 560 megawatts (MW) of renewable energy capacity.
LyondellBasell has now signed eight PPA agreements and achieved over half of its 2030 target to procure a minimum of 50% of global electricity from renewable sources. These PPAs will generate over 2.6 million megawatt hours (MWh) of renewable electricity annually and reduce LyondellBasell's Scope 2 emissions by nearly 1 million metric tons of carbon emissions.
"Decarbonizing the electricity supply through purchasing renewable electricity is crucial to meet LyondellBasell's 2030 and 2050 net zero greenhouse gas emissions targets," said Willemien Terpstra, LyondellBasell Vice President, Decarbonization, in a statement. "These renewable electricity contracts cover nearly one-third of our 2020 baseline electricity consumption. This demonstrates tangible progress towards our overall objective to reduce our Scope 1 and 2 emissions by 42% by 2030, relative to a 2020 baseline."
LyondellBasell signed a PPA for multiple Nordic projects, with operations expected to begin in the first quarter of 2026. The projects represent approximately 230 MW of renewable energy capacity on LyondellBasell's behalf.
The Tarragona Solar Project is the first physical PPA project located at a LyondellBasell production site in Spain. This project is expected to begin operations in the third quarter of 2023 with approximately 5 MW of renewable energy capacity. This electricity will help reduce 17% of Scope 2 emissions locally in the production of polypropylene compounds used in automotive applications.
LyondellBasell signed two additional PPAs in the United States. These projects are located in Texas with approximately 320 MW of renewable energy capacity on LyondellBasell's behalf.
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