LyondellBasell increases GHG reduction targets
by CM staff
The company will establish a 2030 scope 3 GHG emissions reduction target of 30 per cent, relative to a 2020 baseline and in accordance with guidelines from the Science Based Targets Initiative.
LyondellBasell Increases Greenhouse Gas Emissions Reduction Targets, Includes Scope 3.
HOUSTON — LyondellBasell will increase the company’s 2030 greenhouse gas (GHG) emissions reduction target for scope 1 and scope 2 emissions from 30 per cent to 42 per cent, relative to a 2020 baseline.
The company will establish a 2030 scope 3 GHG emissions reduction target of 30 per cent, relative to a 2020 baseline and in accordance with guidelines from the Science Based Targets Initiative (SBTi). The company’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, LyondellBasell. “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. This approach is not only good for society, but also good for business. We will follow a disciplined approach to prioritize high-return projects and will continue to meet our return expectations.”
Estimates of the capital expenditures necessary to achieve its emissions reduction goals are built into the company’s long-range plan. These investments are not expected to represent a significant portion of total capital expenditures over the next three years, nor change the capital allocation strategy. While many of the GHG emissions reduction projects are still in the early stages of development, the company will evaluate, pursue and prioritize its GHG emission investments based on each project’s rate of return.
LyondellBasell will submit its climate goals to SBTi to be validated against SBTi guidance. The SBTi defines and promotes best practice for corporate GHG emissions target setting aligned to the latest climate science.
LyondellBasell also aims to secure at least 75 per cent 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 per cent of global electricity from renewable sources.
