LyondellBasell says it will increase the company's 2030 greenhouse gas (GHG) emissions reduction target for scope 1 and scope 2 emissions from 30% to 42%, relative to a 2020 baseline. In addition, the company will establish a 2030 scope 3 GHG emissions reduction target of 30%, 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.
Estimates of the capital expenditures necessary to achieve its emissions reduction goals reportedly 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, according to the company. While many of the GHG emissions reduction projects are still in the early stages of development, the company says it will evaluate, pursue and prioritize its GHG emission investments based on each project's rate of return.
Many of the GHG emissions reduction initiatives planned for implementation by 2030 will begin in 2024 and beyond as the company leverages existing asset turnaround schedules for its largest sites, including:
- Process heat recovery projects, electrification of a large process turbine and optimization of steam demand at its site in Wesseling, Germany in 2024
- Optimization of heated equipment through advanced digitization, efficiency improvements and fuel management at its site in Channelview, Texas in 2025
In addition, the company's previously announced circular and low-carbon-solutions business will focus on achieving its goal to produce and market 2 million metric tons of recycled and renewable-based polymers annually by 2030, further reducing scope 3 emissions.
Read the press release at: www.lyondellbassell.com
