LyondellBasell Signs Agreements to Buy Energy in Europe
Houston, Texas, USA – March 10, 2023 – LyondellBasell, one of the world’s largest independent chemical companies, announced today that it has signed long-term agreements to purchase energy from renewable sources in Europe. The agreements, worth hundreds of millions of dollars, will help reduce the company’s carbon footprint and support its goal of becoming carbon neutral by 2050.
The agreements were signed with various energy suppliers and will provide LyondellBasell with a significant portion of its energy needs in Europe. The company operates several manufacturing facilities in the region, including refineries, chemical plants, and other production facilities.
"We are committed to reducing our environmental impact and are taking concrete steps to achieve our sustainability goals," said LyondellBasell CEO, Bob Patel. "These agreements demonstrate our commitment to purchasing renewable energy and reducing our dependence on fossil fuels. We believe that this will not only benefit the environment but also help to reduce our energy costs and improve our competitiveness."
The agreements are part of LyondellBasell’s efforts to reduce its greenhouse gas emissions and meet growing demand for renewable energy. The company has set a goal of reducing its emissions by 40% by 2030 compared to 2019 levels, and is investing in various projects and technologies to achieve this goal.
In addition to purchasing renewable energy, LyondellBasell is also investing in on-site renewable energy generation at its facilities. For example, the company has installed solar panels at several of its sites in the United States and Europe, which generate enough electricity to power tens of thousands of homes.
The company is also exploring other technologies and projects that can help reduce its emissions, such as carbon capture and storage, and energy efficiency improvements. LyondellBasell has already made significant progress in reducing its emissions in recent years, and is committed to continuing to make progress towards its sustainability goals.
The agreements to purchase renewable energy in Europe are an important step forward for LyondellBasell’s sustainability efforts. The company’s commitment to renewable energy will help to reduce its carbon footprint, support the transition to a low-carbon economy, and demonstrate its leadership in the chemical industry.
"We are proud to be taking a leadership role in the transition to a low-carbon economy," said Patel. "We believe that our commitment to renewable energy will not only benefit the environment, but also provide a competitive advantage for our business and create value for our customers and shareholders."
LyondellBasell’s agreements to purchase renewable energy in Europe are subject to certain conditions and are expected to be completed in the coming months. The company will provide further updates on its sustainability progress and goals in the coming weeks and months.
