LyondellBasell Achieves Half of 2030 Renewable Energy Target
- Chemical conglomerate LyondellBasell has signed 8 power purchase agreements for 560 MW of renewable energy capacity, achieving over half of its target for 50% green electricity by 2030.
What happened?
Global chemical company LyondellBasell has signed the first two European renewable electricity power purchase agreements (PPAs) and two additional PPAs in the United States, marking the first step in the company's goal to decarbonize its operations. The newly signed agreements total approximately 560 MW of renewable energy capacity, which will generate over 2.6 million MWh of green electricity annually. With this, the company has now signed eight PPA agreements and achieved over half of its target to procure 50% of global electricity from renewable sources by 2030.
Why does it matter?
LyondellBasell's commitment to renewable energy is crucial in meeting its 2030 and 2050 net-zero greenhouse gas emissions targets. The company aims to reduce its scope 1 and 2 emissions by 42% by 2030, compared to its 2020 baseline. By investing in renewable energy, LyondellBasell is making a tangible progress in reducing its carbon footprint, contributing to the global fight against climate change. The new PPAs will result in nearly 1 million metric tons of carbon emissions reduction annually.
What's next?
LyondellBasell is expected to begin operations in the first quarter of 2026 with a PPA for multiple Nordic projects, which will provide approximately 230 MW of renewable energy capacity. Additionally, the Tarragona Solar Project, the company's first physical PPA located in Spain, will begin operations in the third quarter of 2023 with 5 MW of renewable energy capacity. The two additional PPAs signed in the United States, located in Texas, will provide approximately 320 MW of renewable energy capacity. With these projects, LyondellBasell will continue its journey towards a greener and more sustainable future.
