(Information sent by the signatory company)
ROTTERDAM, The Netherlands and HOUSTON, Feb. 2, 2023 /PRNewswire/ -- LyondellBasell announced today that it has signed the first two European Renewable Power Purchase Agreements (PPAs) and two additional PPAs in the United States. The additional contracts combined represent a total of approximately 560 megawatts (MW) of renewable energy capacity. LyondellBasell has already signed eight PPA agreements and has more than half achieved its 2030 goal of sourcing a minimum of 50% of the world's electricity from renewable sources. These PPAs will generate more than 2.6 million megawatt hours (MWh) of renewable electricity annually and reduce LyondellBasell's Scope 2 emissions by nearly 1 million metric tons of carbon emissions, equivalent to the emissions associated with the annual consumption of electricity for more than 370,000 homes.
"Decarbonizing the electricity supply through the purchase of renewable electricity is crucial to meeting LyondellBasell's net zero greenhouse gas emissions targets for 2030 and 2050," said Willemien Terpstra, LyondellBasell's vice president of decarbonization. "These renewable electricity contracts cover nearly a third of our 2020 baseline electricity consumption. This demonstrates tangible progress toward our overall goal of reducing our scope 1 and 2 emissions by 42% by 2030, relative to a 2020 reference".
Virtual PPA for Nordic projects
LyondellBasell signed a PPA for multiple Nordic projects, with operations expected to begin in the first quarter of 2026. The projects represent approximately 230 MW of renewable energy capacity on behalf of LyondellBasell.
PPA Solar Project Tarragona
The Tarragona Solar Project is the first physical PPA project located on a LyondellBasell production site in Spain. This project is expected to start operations in the third quarter of 2023 with approximately 5 MW of renewable energy capacity. This electricity will help reduce 17% of Scope 2 emissions locally in the production of polypropylene compounds used in automotive applications.
North American Virtual PPA Projects
LyondellBasell signed two additional PPAs in the United States. These projects are located in Texas with approximately 320 MW of renewable energy capacity on behalf of LyondellBasell.
For more information on the company's sustainability goals, 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 change ambitions and actions to address the global challenges of plastic waste and decarbonisation. 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 assumptions by LyondellBasell's management believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost, and price volatility of utilities; our ability to meet our sustainability targets, including our ability to reduce our emissions and achieve net zero emissions by the time stated in our targets; our ability to purchase energy from renewable sources and meet our low carbon and renewable energy targets; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the 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. There is no guarantee that any of the actions, events or results of the forward-looking statements will occur, or if any of them occur, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date made and are based on the estimates and opinions of LyondellBasell management at the time the statements are made. LyondellBasell does not undertake any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.
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