LyondellBasell aims to achieve net-zero emissions by 2050

YarnsandFibers News Bureau 2021-10-08 09:49:13 – Netherlands

Netherlands-based chemical producer, LyondellBasell, announces its aim to achieve net-zero emissions from its global operations by 2050. LyondellBasell also announced a strategy to achieve a 30% absolute reduction in scope 1 and scope 2 emissions by 2030 as an interim step toward 2050.

The goals are in line with the Paris Agreement's goal of mitigating climate change by attaining net-zero global greenhouse gas (GHG) emissions by the mid-century. LyondellBasell announced a 15% decrease in GHG emissions per tonne of product produced by 2030 in 2019. (relative to 2015 levels). The company claimed at the time that it intended to set a more ambitious goal. According to a LyondellBasell press statement, the company has created an attainable path to a 30% reduction in scope 1 and scope 2 GHG emissions (compared to 2020 levels).

The strategy calls for improved energy management and low-emission steam, as well as flare reduction, the use of lower-emitting fuels, process electrification and furnace modifications, and a minimum of 50% renewable electricity.

Basell's strategy for reaching net-zero emissions for scope 1 and scope 2 emissions by 2050 will build on the accomplishments made in the previous decade. In addition to these measures, the business has begun investigating a portfolio of technology solutions that might be implemented across its production footprints, such as cracker electrification, hydrogen use, carbon capture and storage, and carbon utilization.

Furthermore, the company is actively integrating emissions reduction efforts into certain business processes, such as long-term planning and risk management, as well as identifying collaboration opportunities across multiple sectors to accelerate the scale-up and deployment of breakthrough technologies. The company is committed to openness, reporting our climate risk and progress in decreasing GHG emissions in the CDP climate change questionnaire and in accordance with the Taskforce on Climate-Related Financial Disclosure (TCFD) standards every year.

Bob Patel, CEO of LyondellBasell said that while climate science is complicated, there is no doubt that greenhouse gases contribute to global warming. The most current signal that solid pledges, collaborative action, and a feeling of urgency are needed to assist address the global challenge of climate change is the UN's Intergovernmental Panel on Climate Change report. They've devised a strategy to reduce their emissions footprint by 30% by 2030, with the objective of reaching net-zero emissions by 2050, to ensure LyondellBasell's goals are ambitious and attainable. They’re confident in their strategy and dedicated to doing their share.

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