Chemicals giant LyondellBasell announces 2050 net zero goal

It is targeting an absolute reduction of 30% in Scope 1 and 2 emissions by 2030

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Chemicals giant LyondellBasell has announced its ambition of achieving net zero emissions from its global operations by 2050.

It is targeting an absolute reduction of 30% in Scope 1 and 2 emissions by 2030, with the goals consistent with efforts to support the Paris climate agreement.

The company intends to achieve its target through enhanced energy management and low emission steam, flare minimisation, use of lower emitting fuels and process electrification and furnace upgrades.

In addition, LyondellBasell aims to procure a minimum of 50% of its electricity from renewable energy sources.

It has also started evaluating a portfolio of technology options that could be deployed across the company’s manufacturing footprint, including cracker electrification, use of hydrogen, carbon capture and storage (CCS) and carbon utilisation.

The company has committed to report its climate risks as well as its progress in reducing greenhouse gas emissions annually.

Bob Patel, CEO of LyondellBasell said: “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.

“To ensure that LyondellBasell’s targets are ambitious and achievable, we have developed a strategy to reduce our emissions footprint by 30% by 2030 with the goal of reaching net zero emissions by 2050. We are confident in our approach and committed to doing our part.”