Sustainability Report: LyondellBasell Showcases Progress In Circular Economy, Climate Action

KUALA LUMPUR, April 16 (Bernama) -- LyondellBasell, a global leader in the chemical industry, has demonstrated progress in circular and low-carbon solutions, climate action and operational excellence with the release of its 2024 Sustainability Report.

“Our 2024 report, ‘From Vision to Value’, highlights how we are rethinking the status quo and accelerating progress towards a circular and low-carbon future by investing in innovative technologies, strengthening collaborations, and embedding sustainability into our core strategy.

“As we look to the future, we remain steadfast in our commitment to sustainability and innovation. Our investments in circular and low-carbon solutions, along with our dedication to safety and operational excellence, will drive our progress toward achieving our 2030 and 2050 goals,” said LyondellBasell chief executive officer, Peter Vanacker in a statement.

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The company's employee-driven Value Enhancement Program (VEP) has been successful, unlocking a cumulative US$800 million in recurring annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) and generating estimated annual carbon emissions reductions of 310,000 metric tonnes. (US$1=RM4.41)

Additionally, LyondellBasell increased volumes of recycled and renewable-based polymers by 65 per cent to over 200,000 metric tonnes, progressing toward its 2030 goal of producing and marketing two million metric tonnes annually and capturing incremental EBITDA of more than US$1 billion.

To meet the rising demand for circular polymers, the company broke ground on its first commercial-scale chemical recycling plant in Wesseling, Germany, to convert hard-to-recycle plastic waste into new raw materials, including for contact-sensitive packaging.

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In the realm of carbon emissions reduction, LyondellBasell safely completed the shutdown of refining operations at its Houston refinery, which will reduce annual Scope 3 emissions by approximately 40 million metric tonnes, in the first quarter of this year.

The company also secured new power purchase agreements in 2024, enabling it to meet its target of sourcing at least 50 per cent of electricity from renewable sources by 2030. These agreements are a part of LyondellBasell's broader strategy to enhance its sustainability efforts.

Strategically, LyondellBasell acquired APK AG, adding Newcycling technology to its portfolio. This acquisition enhances the company's capabilities in solution-based recycling of low-density polyethylene (LDPE) waste.​

The company's sustainability efforts have been recognised, as it ranked first among plastics producers in BloombergNEF’s 2024 circular economy company rankings and retained its AA ESG rating from MSCI.

-- BERNAMA