Decarbonizing our electricity supply through the purchase of renewable electricity is crucial to meet our 2030 targets.
LyondellBasell is committed to procure a minimum of 50% of our current electricity consumption from renewable sources by 2030, which is approximately five million megawatt hours per year. We estimate this will reduce approximately 1.5 million metric tons of GHG from our scope 2 emissions annually.
We consumed nearly nine terawatt hours (TWh) of electricity in our baseline year of 2020, split primarily between our operations in North America (62%) and Europe (38%). This translates to approximately four million metric tons of CO2 which is the equivalent of 1.37 million passenger vehicles being driven for one year.
Based on current forecasts, we expect to decarbonize our electricity consumption through off-site power purchase agreements (PPAs),
on-site renewables and off-site utility programs and certificates. PPAs, contracts which secure long-term energy supply with large-scale wind
or solar projects, are LyondellBasell’s preferred approach as they provide scalability and support investment in new renewable energy capacity
while lowering our carbon footprint associated with the electricity we consume.