LyondellBasell Highlights Progress in Sustainability with Latest Annual Report

LyondellBasell Report Cover

(Credit: LyondellBasell)

by | Apr 9, 2024

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LyondellBasell, a global leader in the chemical industry, recently released its annual sustainability report, “Everyday Sustainability,” showcasing the company’s dedication and advancements in sustainability practices over the past year. This report points toward LyondellBasell’s goal of becoming a sustainability frontrunner by addressing three specific challenges: ending plastic waste, advancing climate action, and fostering a prosperous society.

A Strategic Approach to Sustainability

According to Peter Vanacker, CEO of LyondellBasell, the company views sustainability as a vital avenue for value creation. “We embrace sustainability as an opportunity to create value. Over the last year, we embedded sustainability into our new company strategy and progressed our sustainability-focused ambitions, while remaining laser-focused on safety, operational excellence and value creation. As we progress toward establishing ourselves as an industry leader in sustainability, we have moved from unlocking possibilities to making everyday sustainability a reality,” Vanacker stated. The focus has shifted from exploring the potential to actualizing everyday sustainability, reflecting the company’s progress in integrating sustainability into its operations.

LyondellBasell operates in key markets such as automotive, packaging, agriculture, and infrastructure, driving innovations in chemicals, polymers, fuels, and technologies. The 2023 sustainability highlights include:

The issuance of a $500 million green bond will fund eligible green projects in the circular economy, renewable energy, pollution prevention, and energy efficiency.

Investment in plastic waste sorting and recycling operations across Europe, Asia, and North America, enhancing sustainable solutions in recycling processes.

The decision to construct a commercial-scale advanced recycling plant, MoReTec-1, in Wesseling, Germany, utilizing proprietary technology for advanced recycling methods.

Launch of +LC (Low-Carbon) solutions, offering products derived from alternative carbon sources to significantly reduce carbon footprints compared to traditional fossil-based products.

Achieving nearly 90% of its 2030 goal for securing global electricity from renewable sources, resulting in annual energy savings of almost 4 million gigajoules.

Improvement in diversity, with women occupying 25% of senior leadership roles globally, and an increase in representation of underrepresented groups in executive roles in the U.S. to 19%.

Attainment of GoalZERO across 60 manufacturing sites, with 67 sites reporting no injuries in 2023.

Driving Diversity and Safety Across Operations

LyondellBasell’s commitment to enhancing diversity and ensuring safety at its operations is evident in its strides towards increasing the number of women and individuals from underrepresented groups in leadership positions, alongside achieving commendable safety records across its sites.

“We are committed to disclosing our sustainability performance, providing transparency, and demonstrating how we support everyday sustainability,” Vanacker emphasized, reflecting the company’s pledge to transparency and action towards a sustainable future.

LyondellBasell’s annual report highlights the company’s sustainability achievements and sets a precedent for the chemical industry’s path toward a more sustainable and inclusive future.

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