HOUSTON and ROTTERDAM, Netherlands, April 12, 2022 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced the publication of its 2021 sustainability report: "Future Focused." The report details the company's ambitions to help end plastic waste in the environment, address climate change and support a thriving society, including:
- The pathway to meeting the company's greenhouse gas (GHG) emissions reduction targets
- Plans to ramp up mechanical and advanced recycling of plastics and the use of renewable-based feedstock
- A new goal to assess the company's key suppliers using sustainability criteria
- New Diversity, Equity and Inclusion (DEI) efforts, including the addition of ambitious targets
"We are future focused and we believe our goals for more circular and sustainable plastics and decarbonization are critical to the long-term success of LyondellBasell. They help create a better future for our employees and our communities, as well as advance our customers' sustainability ambitions," said Kenneth Lane, Interim CEO of LyondellBasell. "A net zero economy without plastic waste in the environment will require collaboration throughout the value chain and is key to securing society's transition toward a more sustainable future."
In 2021, LyondellBasell joined a number of collaborative platforms aimed at accelerating the positive impact on areas aligned with our sustainability strategy. Examples are:
- Cyclyx International, a feedstock management consortium, with a mission to increase the recycling rate of plastic from 10 percent to 90 percent;
- Together for Sustainability, a joint initiative of chemical companies focused on developing and sharing best practices to drive and deliver tangible, measurable improvements in the sustainability performance of supply chains; and,
- In Houston, the company joined with 10 industry peers to support large-scale development of carbon capture and storage technology.
The company is also investing catalytic capital into funds focused on advancing a circular economy. For every dollar LyondellBasell invests in venture funds addressing the plastic waste challenge, the company aims to help catalyze another five dollars from co-investors by 2030. This includes commitments of more than $10 million to circular plastics funds led by Closed Loop Partners in the United States and Infinity Recycling in Europe.
The company also recently established two new goals to advance DEI in the workplace as it seeks to support a thriving society. LyondellBasell aims to achieve gender parity in senior leadership globally by 2032 and increase the number of people from underrepresented groups in U.S. senior leadership roles to reflect to general population ratio by 2032.
For more information, please read the 2021 "Future Focused" sustainability report here.
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon the expectations and assumptions of management of LyondellBasell, including expectations based on third-party information and projections, which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. In addition, any statements that refer to LyondellBasell's emissions reduction, circularity, diversity, equity and inclusion goals or other sustainability goals and related efforts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers, and reduce our greenhouse gas emissions and energy usage; implementation of new technology and the ability to realize the expected benefits therefrom; our ability to access capital to fund our climate related initiatives; actions by our suppliers and customers, including the use of the Circulen family of products; our ability to procure renewable energy and reduce our reliance on coal; uncertainties and impacts related to the extent and duration of the pandemic; competitive product and pricing pressures; labor conditions; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; climate change developments; legal and environmental proceedings; our ability to achieve gender parity and increase representation of U.S. underrepresented groups in senior leadership; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; and potential governmental regulatory actions, including climate related disclosure requirements. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2021 and in our subsequent filings with the SEC, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.
SOURCE LyondellBasell Industries