LyondellBasell Sustainability Report Sets Ambitious Plastic Waste Targets
HOUSTON and ROTTERDAM, Netherlands, Sept. 28, 2020 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, today released its annual Sustainability Report with the aim of affecting positive change and is focused on three transformational areas including plastic waste, climate change, and thriving societies. LyondellBasell announced one of the most ambitious goals of the industry to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030. The report showcases LyondellBasell's strategy and ambitions for the next decade.
"LyondellBasell has been on a multi-year journey to advance the circular economy, and we have made strides in mechanical and advanced recycling, as well as producing renewable-based products," said Jim Seward, Senior Vice President Research and Development, Technology and Sustainability. "Our goals underscore what we see possible in the next decade, and our sustainability ambitions require us to adapt our business models. When viewed through the lens of technology and innovation, our track record demonstrates our capacity to advance new collaborations and partnerships for the benefit of society."
Key elements of the LyondellBasell's Sustainability Report involve taking action on several fronts. It is the company's ambition to:
- Produce and market two million metric tons of recycled and renewable-based polymers annually, increase its investment in the recovery and recycling of plastic, and accelerate solutions to end plastic waste.
- Reduce its CO2 emissions by 15 percent per ton of product produced relative to 2015 levels by 2030.
- Advance diversity, inclusion and equity in the workplace by accelerating initiatives, such as building diversity and inclusion (D&I) into our talent programs, implementing a D&I Officer position and involving a cross-section of leaders to serve as the D&I Council.
- Join American Chemistry Council and Plastics Europe industry peers to ensure 100 percent of plastic packaging is reused, recycled or recovered by 2040.
Additionally, the company continues to increase recycling and work collaboratively across the value chain as evidenced by LyondellBasell CEO Bob Patel's instrumental role in the launch of the Alliance to End Plastic Waste and continued involvement as an officer of the organization. LyondellBasell is also developing advanced recycling with its MoReTec technology, has expanded its mechanical recycling product grades and color offerings through its 50/50 joint venture, Quality Circular Polymers (QCP), improved the design of plastics to increase recyclability, and worked with brand owners to increase product recyclability. Lastly, the company achieved the first parallel production of polypropylene (PP) and low-density polyethylene (LDPE) made from renewable raw materials at commercial scale.
LyondellBasell's sustainability report is available on the company website at https://www.lyondellbasell.com/en/sustainability/.
View the "We see possible" video by clicking here to better understand the LyondellBasell's approach to sustainability.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polymer compounds and the largest licensor of polyolefin technologies. In 2020, LyondellBasell was named for the third consecutive year to Fortune magazine's list of the "World's Most Admired Companies." More information about LyondellBasell can be found at www.LyondellBasell.com.
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