According to the company’s website press release on April 25, 2023, LyondellBasell (NYSE: LYB) published its annual sustainability report titled, Unlocking Possibilities. The publication offers an in-depth review of the company's 2022 sustainability performance, focused on progress toward ending plastic waste in the environment, taking climate action and supporting a thriving society. Highlights include:
- Ramping up circular and low carbon solutions through initiatives including growing the company's plastics recycling footprint globally to meet customer demand for more sustainable products and solutions.
- Accelerating interim greenhouse gas (GHG) emissions reduction targets for 2030, in line with science-based guidance and the Paris Agreement, by increasing scope 1 and 2 emissions reduction target to 42% and establishing a scope 3 emissions reduction target of 30%, relative to a 2020 baseline.
- Contributing to a thriving society, including focusing on safety, advancing commitments to diversity, equity and inclusion, and continuing to contribute to and engage with the communities in which the company operates.
"The need to address climate and circularity has never been greater, and during my first year with LyondellBasell, we took decisive action to advance our sustainability goals and accelerate progress on existing commitments. We see opportunities to capture value from our actions and we are primed to unlock possibilities toward a more sustainable, low carbon future," said Peter Vanacker, CEO of LyondellBasell.
In 2022, the company reported sustainability highlights including:
- Announcing four new plastic waste recycling projects and ventures to grow its mechanical recycling footprint and increase access to feedstock through advanced sorting.
- Producing and marketing more than 175,000 metric tons of recycled and renewable-based polymers since 2019 under its Circulen brand. The result marks progress toward the company's commitment to produce and market at least 2 million metric tons of recycled and renewable-based polymers annually by 2030.
- Signing renewable electricity power purchase agreements (PPAs) in the U.S. and Europe, achieving more than 50% of our target to procure at least half of our electricity from renewable sources by 2030. Agreements signed this year have now taken us to 70% of our target.
- Completing more than 17,000 training hours on diversity, equity and inclusion. Additionally, 40% of the CEOs direct reports are women.
- Achieving a record low total recordable injury rate (TRIR) of 0.12, a top-decile result within the petrochemical manufacturing sector.
- Recording five million safe work hours at four sites and one million safe work hours at 21 sites.
"We are committed to providing transparency and demonstrating how we are making an impact as a leader in the chemicals industry," said Vanacker.
For more information, read the 2022 LyondellBasell Unlocking Possibilities sustainability report here.
About LyondellBasell
We are LyondellBasell – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts 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 successfully implement initiatives identified pursuant to our value enhancement program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; 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; our ability to recognize the benefits and synergies of any proposed transactions; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to hire and retain diverse employees and engage with the communities in which we operate; the successful shut down and closure of the Houston Refinery, including within the expected timeframe; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; uncertainties and impacts related to the extent and duration of the pandemic; and our ability to comply with debt covenants and to repay our debt. 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, 2022, 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. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.
