Wedoany.com Report on Feb 26th, LyondellBasell, headquartered in the Netherlands and Houston, recently announced an update to its 2030 climate and circularity targets. Among the changes, the company's goal for the annual production of recycled plastic content by 2030 has been reduced by 60% compared to the previous target.
As a global chemicals and polymers producer, LyondellBasell had previously set a target to annually produce and sell 2 million metric tons of polymers with recycled content. Following the adjustment, the company's new circularity goal is to annually produce and sell 800,000 metric tons of recycled and renewable-based polymers by 2030.
LyondellBasell also revised its greenhouse gas emission reduction target, aiming to reduce Scope 1 and Scope 2 emissions by 32% by 2030, down from the previous goal of a 42% reduction. The company stated that these adjustments were made in the context of changing market conditions and regulatory environments, facing challenges that require "prudent capital allocation." However, the targets "remain ambitious while balancing the need for adjustments to achieve near-term viability."
Peter Vanacker, CEO of LyondellBasell, stated: "Over the past few years, we have made measurable progress and gained deeper insight into the factors that enable us to create value from circular and low-carbon solutions, including the pace of policy adoption and implementation, market demand, and technology maturity."
"At the same time, maintaining capital discipline is critical in the current economic environment," Vanacker continued. "We will continue to create value for our stakeholders by maintaining leadership in chemical industry sustainability and executing our strategy. These updated targets ensure we remain focused on advancing sustainability as a key value driver for our business, at a pace aligned with market conditions and the regulatory environment."
LyondellBasell emphasized that the updated targets do not affect existing supply commitments or commercial contracts. The company is continuing to advance the construction of its MoReTec-1 plant in Germany, which will be the first commercial-scale catalytic chemical recycling plant using its MoReTec technology to support its circularity goals.
