Plastics, chemicals, and refining company LyondellBasell announced today new climate goals, including targets to reduce absolute Scope 1 and 2 emissions by 30% by 2030, significantly ahead of its prior 2030 goal of a 15% reduction. The company has also announced goals to source 50% of electricity from renewable energy by 2030 to reach net zero emissions across global operations by 2050.

The company outlined its pathway to achieve its 2030 emissions goals, with initiatives including enhanced energy management and low emission steam, flare minimization, use of lower-emitting fuels, process electrification, and furnace upgrades, in addition to its 50% renewable electricity target.

Going forward, the company stated that its approach to achieving net zero across operations by 2050 will be built upon the progress achieved over this decade. LyondellBasell also announced that it has begun evaluating a portfolio of technology options, including cracker electrification, use of hydrogen, carbon capture and storage, and carbon utilization that could be deployed across the company’s manufacturing footprint. The company is also embedding emissions reduction efforts into its business processes and is identifying collaboration opportunities across multiple sectors.

Bob Patel, CEO of LyondellBasell, said:

“While climate science is extremely complex, there is little doubt greenhouse gases contribute to global warming. The UN’s Intergovernmental Panel on Climate Change report is the most recent indicator that firm commitments, collective action and a sense of urgency are needed to help address the global challenge of climate change. To ensure that LyondellBasell’s targets are ambitious and achievable, we have developed a strategy to reduce our emissions footprint by 30 percent by 2030 with the goal of reaching net zero emissions by 2050. We are confident in our approach and committed to doing our part.”