LyondellBasell advances sustainability leadership in 2024 sustainability report

The company’s employee-driven VEP initiative generated estimated annual carbon emissions reductions of 310,000 metric tons

LyondellBasell, a global leader in the chemical industry, released its 2024 Sustainability Report, demonstrating significant progress in circular and low-carbon solutions, climate action and operational excellence.

"At LYB, sustainability is an opportunity to reimagine the future and create long-term value," said Peter Vanacker, CEO, LyondellBasell. "Our 2024 report, ‘From Vision to Value,’ highlights how we are rethinking the status quo and accelerating progress towards a circular and low-carbon future by investing in innovative technologies, strengthening collaborations, and embedding sustainability into our core strategy."

According to the report, the company’s employee-driven Value Enhancement Program (VEP) initiative unlocked a cumulative $800 million in recurring annual EBITDA and generated estimated annual carbon emissions reductions of 310,000 metric tons.

LyondellBasell also increased volumes of recycled and renewable-based polymers by 65% to over 200,000 metric tons, progressing toward its 2030 goal of producing and marketing 2 million metric tons annually and capturing incremental EBITDA of more than $1 billion.

To meet the rising demand for circular polymers, the company broke ground on its first commercial-scale chemical recycling plant in Wesseling, Germany, to convert hard-to-recycle plastic waste into new raw materials, including for contact-sensitive packaging.

In Q1 2025, the company safely completed the shutdown of refining operations at its Houston refinery. This will reduce annual Scope 3 emissions by approximately 40 million metric tons.

Also, new power purchase agreements (PPAs) secured in 2024 will enable LYB to meet its target of sourcing at least 50% of electricity from renewable sources by 2030.

"As we look to the future, we remain steadfast in our commitment to sustainability and innovation. Our investments in circular and low-carbon solutions, along with our dedication to safety and operational excellence, will drive our progress toward achieving our 2030 and 2050 goals. We are transforming our vision into lasting value, ensuring that we create meaningful impact for our customers, shareholders and society,” Vanacker added.