Climate & environmental management
Climate & environmental management
At LYB, we are focused on operating safely and responsibly while improving resource efficiency and reducing the environmental footprint of our operations and products. We believe our ambitious climate goals will be a competitive advantage, generating value for LYB, our shareholders and society.
We are committed to leading in value creation from low-carbon products, delivering solutions to advance our customers’ climate ambitions and reduce greenhouse gas (GHG) emissions from our global operations and value chain. We support the global objectives to limit global temperature rise to well below 2°C above preindustrial levels and to pursue efforts to limit the temperature increase even further to 1.5°C.
- Create and capture value through circular and low carbon solutions.
- Align our climate ambition and associated targets with the latest climate science.
- Develop and quantify pathways to attain our climate ambitions through multiple levers.
- Assign a monetary value on scope 1 and 2 GHG emissions, differentiated by region.
- Analyze and integrate climate-related risks, opportunities and impacts.
- Engage with governments and industry peers to support effective policies.
Net zero GHG emissions from operations by 20501
Absolute scope 1 and 2 GHG emissions 42% and absolute scope 3 GHG emissions 30% by 20302
A minimum of 50% of electricity from renewable sources by 20303
1 Our 2050 net zero goal includes scope 1 and 2 emissions
2 Relative to a 2020 baseline
3 Based on 2020 procured levels
Our scope 1 and 2 greenhouse gas emission reduction goals rely on four key levers:
Optimizing our energy use in our manufacturing processes to lower our energy footprint, reduce GHG emissions and reduce operational costs.
Sourcing low-carbon electricity, including from renewable electricity projects, and electrifying our processes to reduce our reliance on fossil fuels.
Increasing the use of low carbon hydrogen in our fuel mix used for energy onsite to replace more carbon-intensive fuels.
Capturing and either storing or reusing CO2 from our operations.
Our approach to reducing scope 3 GHG emissions centers on four key levers:
We assess climate-related risks, impacts and opportunities as part of our Enterprise Risk Management (ERM) program. Climate-related risk exposures throughout LYB and our extended supply chain are overseen by our executive vice president, Operational Excellence and HSE, with support from ERM, Sustainability and cross-functional committees.
Climate-related risks and opportunities are evaluated across multiple levels in our organization. Our approach involves analyzing the nature of climate-related risks and opportunities and determining a risk rating. Each identified risk undergoes an evaluation process guided by established ERM criteria to assess its risk exposure, considering strategies for risk reduction.
We strive to conduct our operations in a manner that does not adversely impact the environment. We are committed to continuously working to reduce emissions, waste generation, and the consumption of energy, raw materials, water and other natural resources, and promoting pollution prevention.
We are committed to disclosing our approach to climate advocacy, including our climate policy positions. For more information, see our Climate Advocacy Report.