LyondellBasell announced updates to its 2030 climate and circularity goals amid the need for disciplined capital allocation, evolving market conditions and regulatory developments. The goals remain ambitious, while balancing the need to adjust for near-term achievability.
The company’s three-pillared strategy remains unchanged: growing and upgrading the core, building a profitable circular and low-carbon business, and stepping up performance and culture. To ensure alignment with the strategy and reflect the realities of today’s operating environment, the updated goals are as follows:
- Scope 1 and 2 greenhouse gas emissions reduction: 32% by 2030, relative to a 2020 baseline.1
- Circularity: produce and market 800,000 metric tons of recycled and renewable-based polymers annually by 2030.2
“Over the past several years, we have made measurable progress and gained a deeper understanding of factors that enable us to deliver value from circular and low carbon solutions, including the pace of policy adoption and implementation, market demand and technology readiness. At the same time, maintaining capital discipline is essential in the current economic environment,” said Peter Vanacker, chief executive officer of LYB.
“We will continue to create value for our stakeholders through being a leader in sustainability in the chemical industry and executing our strategy. 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.”
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