Energy Efficiency, GHG Emissions, Sourcing Renewables - December 19, 2022
LyondellBasell Adds Scope 3 Goals
LyondellBasell, a global chemical manufacturer, 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).
LyondellBasell’s previously announced goal to achieve net zero Scope 1 and 2 GHG emissions from global operations by 2050 remains unchanged.
"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."
Many of the GHG emissions reduction initiatives planned for implementation by 2030 will begin in 2024, including the process heat recovery projects, electrification of a large process turbine and optimization of steam demand at its site in Wesseling, Germany in 2024 and optimization of heated equipment through advanced digitization, efficiency improvements and fuel management at its site in Channelview, Texas in 2025.
In addition, the company's previously announced Circular and Low Carbon Solutions business will focus on achieving its goal to produce and market 2 million metric tons of recycled and renewable-based polymers annually by 2030, further reducing scope 3 emissions.
LyondellBasell also aims to secure at least 75% of its global electricity from low-carbon power by 2030, a majority of which will come from its existing goal to procure a minimum of 50% of global electricity from renewable sources.
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