NOVA Chemicals sets new ESG targets to promote a circular economy in plastics
by CM Staff
NOVA Chemicals anticipates investing between USD$2-4 billion by 2030 to expand its sustainable product offerings, decarbonize assets, and build a new mechanical recycling business.
CALGARY — NOVA Chemicals Corporation announced new ESG ambitions to drive the circular economy for plastics, in line with its vision to become the leading sustainable polyethylene producer in North America.
By 2030, the company aims to:
– Set new industry standards for driving the transition to the plastics circular economy and solidifying the market for recycled polyethylene, with 30 per cent of its polyethylene salesi from recycled content;
– Be at the forefront of decarbonization by reducing its Scope 1 and 2 absolute CO2 emissions by 30 per centii; and
– Become a Top 30 company in Canada.
NOVA Chemicals has also shared its aspiration to reach net-zero Scope 1 and 2 emissions by 2050.
“NOVA’s Roadmap to Sustainability Leadership details a strong plan forward for the company to become the leader in sustainable polyethylene production while building on our commitments to developing innovative solutions for our customers, enabling the circular economy, and being a responsible steward of our environment,” stated Danny Dweik, CEO. “Plastic products play an essential role in our daily lives. With our renewed purpose of reshaping plastics for a better, more sustainable world, we have developed a clear pathway to become a catalyst for a low carbon, zero-plastic-waste future.”
To achieve these aspirations, NOVA Chemicals anticipates investing between USD$2-4 billion by 2030 to expand its sustainable product offerings, decarbonize assets, and build a new mechanical recycling business while exploring new advanced recycling technologies to create new recyclable and low carbon plastics.
Building on its proprietary, Advanced SCLAIRTECH(TM) technology (AST), NOVA Chemicals will explore expanding its product portfolio to include the development of advanced materials.
NOVA Chemicals has already begun growing its portfolio of recycled and recyclable polyethylene resins through its recently announced launch of SYNDIGO™ recycled polyethylene, a new portfolio of products made from circular polymers to encourage both waste and emissions reductions.
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