LyondellBasell Updates 2030 Climate And Circularity Goals

KUALA LUMPUR, Feb 24 (Bernama) -- LyondellBasell (LYB), a leader in the global chemical industry, has announced updates to its 2030 climate and circularity goals, citing the need for disciplined capital allocation amid evolving market conditions and regulatory developments.

Reflecting current operating realities, the company now targets a 32 per cent reduction in Scope 1 and 2 greenhouse gas emissions by 2030, compared with a 2020 baseline, and aims to produce and market 800,000 metric tonnes of recycled and renewable-based polymers annually by the same year.

The company said its three-pillared strategy remains unchanged, focusing on growing and upgrading its core business, building a profitable circular and low-carbon business, and strengthening performance and culture.

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LYB chief executive officer, Peter Vanacker said the company has made measurable progress and gained a deeper understanding of the factors that support value creation from circular and low-carbon solutions, while maintaining capital discipline in the current economic environment.

“These updates to our goals ensure we remain focused on advancing sustainability as a key value driver of our business at a pace aligned with market conditions and the regulatory environment,” he said in a statement.

Among recent milestones, the company has advanced construction of its first commercial-scale catalytic chemical recycling plant using proprietary MoReTec technology in Wesseling, Germany, supporting future growth in circular and low-carbon solutions.

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LYB has also progressed in emissions reduction, including improvements at its Houston Refinery site and energy-efficiency initiatives across its manufacturing operations under its Value Enhancement Program.

In addition, the company has secured sufficient projects to reach its target of procuring at least 50 per cent of its electricity from renewable sources by 2030, based on 2020 procured levels.

Further details on LYB’s refreshed sustainability approach and the enablers supporting its targets will be released in its annual Sustainability Report in April 2026.

-- BERNAMA