Chemical industry group Elkem has announced its long term goal for net zero emissions by 2050 as it launched its new climate roadmap.
Under the plan, it aims to reduce its carbon emissions by 28% by 2031 and deliver a 39% improvement of its product carbon footprint during the same period.
That’s a reduction from 2.2 million tonnes of CO2-equivalent to 2.4 million tonnes over the next 10 years.
The majority of the company’s direct emissions come from its smelters in Europe, particularly in Iceland and Norway, whilst the majority of its indirect emissions come from China and the use of fossil fuels in the electricity mix.
Elkem, which supplies silicon-based advanced materials, currently consumes 83% of its electricity from renewable energy sources.
To reduce carbon emissions, it aims to change the reduction material in its smelting process to biomass, switch to using more renewable energy in China, pursue a lower carbon supply chain and explore the potential of carbon capture at its smelters.
Elkem has already progressed the share of biomass in its process to more than 20% and is seeks to increase it to 50% by 2030.
It also aims to grow its supplies of advanced materials to green markets such as better buildings, electric vehicles (EVs) and renewable energy and build new business in green markets such as battery materials, biomass and energy recovery.
Interim CEO Helge Aasen said: “Elkem aims to be part of the solution to combat climate change – and to be one of the winners in the green transition. Our mission is to provide advanced material solutions shaping a better and more sustainable future. We have a clear corporate strategy to strengthen our competitive positions through specialisation and growth.
“With this climate roadmap, we detail our ambitions to reduce emissions towards net zero while growing our business.”