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-LyondellBasell increases greenhouse gas emissions reduction targets, includes scope 3
HOUSTON and LONDON, Dec. 16, 2022/PRNewswire/ -- LyondellBasell (NYSE: LYB), a global leader in the chemical industry, today announced that it will increase the scope greenhouse gas (GHG) emissions reduction target 1 and 2 by 2030 from 30% to 42% compared to the 2020 baseline. In addition, the company will establish a reduction target for Scope 3 GHG emissions by 2030 of 30%, relative to the 2020 baseline and according to the Science Based Targets Initiative (SBTi) guidelines. The company's previously announced goal of achieving net zero Scope 1 and 2 GHG emissions from global operations by 2050 remains unchanged.
"We believe that a more ambitious GHG reduction target is achievable and will create substantial value for all of our stakeholders," said Peter Vanacker, CEO of LyondellBasell. "Reducing emissions and, at the same time, building a world-class Low Carbon and Circular Solutions business is necessary to meet the demands we are seeing across the entire value chain. This approach is not only good for society, but also for the business. We will follow a disciplined approach to prioritize high-return projects and continue to meet our profitability expectations."
Estimates of the capital expenditures required to achieve its emissions reduction targets are built into the company's long-term plan. These investments are not expected to represent a significant portion of total capital expenditures in the next three years, nor are they expected to change the capital allocation strategy. Although many of the GHG emissions reduction projects are still in the early stages of development, the company will evaluate, pursue and prioritize its GHG emissions investments based on the rate of return of each project.
LyondellBasell will submit its climate targets to SBTi for validation against the SBTi guidelines. The SBTi defines and promotes best practices for setting corporate GHG emissions targets aligned with the latest climate science.
In the short term, LyondellBasell continues to implement its previously announced initiatives to reduce emissions, including:
As announced in April 2022, the company is on track to close its Houston refinery by the end of December 2023. This is expected to reduce Scope 1 and 2 GHG emissions by more than 3 million metric tons per year and scope 3 emissions by approximately 40 million metric tons per year.
LyondellBasell also aims to get at least 75% of its global electricity from low-carbon energy by 2030, the bulk of which will come from its current goal of getting a minimum of 50% of global electricity from low-carbon sources. renewable.
Many of the planned 2030 greenhouse gas emission reduction initiatives will begin in 2024 and beyond, as the company takes advantage of existing asset renewal schedules for its largest facilities, including:
In addition, the company's previously announced Circular and Low Carbon Solutions business will focus on achieving its goal of producing and marketing 2 million metric tons per year of renewable-based and recycled polymers by 2030, further reducing Scope 3 emissions. .
Collaboration in the value chain continues to be a priority for the company. LyondellBasell recently joined the World Economic Forum Low Carbon Emitting Technologies (LCET) group to help accelerate the development and scale-up of low-carbon technologies needed for the chemical industry and related value chains to achieve net emissions zero by 2050.
Additional information on the company's transition plan, climate risk, and capital allocation approach and its alignment with the requirements of the Working Group on Financial Disclosure Related to Financial Information will be included in the LyondellBasell 2022 Sustainability Report. Climate (TCFD). For more information on the company's approach to sustainability, click here.
About Lyondell Basell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best-operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places a high priority on diversity, equity and inclusion and moves toward good with an emphasis on our planet, the communities in which we operate and our future workforce. The company prides itself on its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonisation and has recently announced new initiatives to expand its mechanical and advanced recycling footprints. In 2022, LyondellBasell was named one of FORTUNE magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements Statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based on the expectations and assumptions of LyondellBasell's management, including expectations based on information and projections from third parties, which are believed to be reasonable at the time they are made and are subject to significant risks and uncertainties. When used in this release, the words "estimate", "believe", "continue", "could", "intend", "may", "plan", "potential", "strategy", "target", " ambition," "achieve," "path," "allow," "target," "should," "will," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words identification. LyondellBasell does not undertake any obligation to publicly update or revise any forward-looking statement made in this document or any other forward-looking statement made, whether as a result of new information, future events or otherwise, except as required by law. In addition, statements regarding LyondellBasell's 2030 goals, the net zero emissions goal, and related efforts, activities, and anticipated capital expenditures are forward-looking statements. Actual results could differ materially based on factors such as, but not limited to, market conditions, the cyclical nature of the chemical, polymer, and refining businesses; the availability, cost and volatility of commodity and utility prices, in particular the cost of oil, natural gas and associated natural gas liquids; our ability to operate safely, increase production of recycled and renewable polymers, and reduce our greenhouse gas emissions and energy consumption; the application of new technologies and the ability to obtain the benefits expected from them; our ability to access capital to finance our climate-related initiatives; the evolution of the European Union Emissions Trading Scheme (EU ETS) and our ability to reduce associated costs; our ability to obtain benefits by virtue of our ability to obtain low carbon and renewable energy and reduce our reliance on coal; competitive pressures on products and prices; working conditions; operational interruptions; the balances between the supply and demand of our products and those of our joint ventures, and the related effects of production capacities and industry operating rates; our ability to manage costs; future financial and operating results; the evolution of climate change; legal and environmental procedures; resolutions, consequences or fiscal procedures; technological evolution and our ability to develop new product and process technologies; and potential governmental regulatory actions, including weather-related disclosure requirements. Additional factors that could cause results to differ materially from those described in forward-looking statements can be found in the "Risk Factors" section of our Form 10 -K for the year ended December 31, 2021, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission website at www.sec.gov.
Forward-looking statements speak only as of the date of their formulation and are based on the estimates and opinions of LyondellBasell management at the time of their formulation. LyondellBasell does not assume, and expressly disclaims, any obligation to update forward-looking statements as circumstances or management estimates or opinions change, except as required by law. This communication refers to certain frameworks and initiatives. In doing so, the company does not intend to endorse or adopt such frameworks on a permanent basis. The company does not represent or warrant the use of these organizations or the definition of any specific terms or recommendations, or the feasibility of any initiative.
LyondellBasell's reported emissions and projected reductions are based on a combination of measured and estimated data and are based on industry standards and best practices, including the Greenhouse Gas Protocol and guidance from IPIECA and the American Petroleum Institute. Reported emissions are estimates only and data are subject to change as methods, data quality and technology improve. LyondellBasell's targets for reducing emissions are good faith efforts based on current relevant data and methodology, which may be modified or refined as our approach to identifying, measuring and addressing emissions evolves.
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