LyondellBasell announced its ambition of, and approach to, achieving net zero emissions from global operations by 2050. As an interim step toward 2050, the company also announced a strategy to achieve an absolute reduction of 30 percent in scope 1 and scope 2 emissions by 2030. These targets are consistent with efforts to support the Paris Agreement’s goal of limiting climate change by achieving net zero for global greenhouse gas (GHG) emissions by mid-century.
“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,” said Bob Patel, CEO of LyondellBasell. “To ensure that LyondellBasell’s targets are ambitious and achievable, we have developed a strategy to reduce our emissions footprint by 30 percent by 2030 with the goal of reaching net zero emissions by 2050. We are confident in our approach and committed to doing our part.”
Pathway to net zero
In 2019, LyondellBasell announced an initial GHG emissions reduction target of 15 percent per ton of product produced by 2030 (relative to 2015 levels). At the time, the company stated its intention to establish a more ambitious target. As such, the company has developed an achievable pathway to an absolute reduction in scope 1 and scope 2 GHG emissions by 30 percent (relative to 2020 levels). This approach includes:
2030 to 2050
LyondellBasell’s approach to achieving net zero emissions for its scope 1 and scope 2 emissions by 2050 will build upon the progress achieved over the balance of this decade. In addition to these strategies, the company has begun 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, and carbon utilization.
In addition, the company is actively embedding emissions reduction efforts into certain business processes including long-range planning and risk management, and identifying collaboration opportunities across multiple sectors to accelerate the scale up and deployment of breakthrough technologies. The company is committed to transparency by reporting our climate risk as well as our progress in reducing GHG emissions annually in the CDP climate change questionnaire and according to the Taskforce on Climate-Related Financial Disclosure (TCFD) guidelines.
Actions to support our ambitions
Concurrent with the announcement of its revised emissions reduction goals, LyondellBasell also announced:
Sustainability priorities
In addition to working to address climate change, LyondellBasell has prioritized actions to help eliminate plastic waste from the environment, advance a circular economy and support a thriving society.
About LyondellBasell
LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world’s largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine’s list of the “World’s Most Admired Companies” for the fourth consecutive year.
More information about LyondellBasell can be found at www.lyondellbasell.com