LyondellBasell is tightening its focus — and recalibrating its targets — as it pushes ahead with a sustainability strategy designed to weather market volatility while protecting capital discipline.

 

The global chemicals giant has unveiled updated 2030 climate and circularity goals, citing shifting economic conditions, regulatory uncertainty and the need for disciplined capital allocation. While the targets have been adjusted to reflect near-term realities, the company insists its ambitions remain high.

 

Under the revised framework, LyondellBasell is targeting 32% reduction in Scope 1 and 2 greenhouse gas emissions by 2030, compared with a 2020 baseline; poduction and marketing of 800,000 metric tons of recycled and renewable-based polymers annually by 2030.

 

The company’s three-pillared strategy remains unchanged: grow and upgrade the core business, build a profitable circular and low-carbon segment, and elevate performance and culture.

 

“Over the past several years, we have made measurable progress and gained a deeper understanding of factors that enable us to deliver value from circular and low carbon solutions, including the pace of policy adoption and implementation, market demand and technology readiness. At the same time, maintaining capital discipline is essential in the current economic environment,” said Peter Vanacker, chief executive officer of LYB. 

 

“We will continue to create value for our stakeholders through being a leader in sustainability in the chemical industry and executing our strategy. These updates to our goals ensure we remain focused on advancing sustainability as a key value driver of our business at a pace aligned with market conditions and the regulatory environment.”

 

Despite the recalibration, the company points to tangible progress already underway.

 

Construction is advancing on MoReTec-1 in Wesseling, Germany — its first commercial-scale catalytic chemical recycling facility powered by proprietary MoReTec technology — a project aimed squarely at scaling profitable circular and low-carbon growth.

 

The company has also moved the needle on emissions reductions, including improvements at its Houston Refinery site, alongside energy-efficiency gains delivered through its Value Enhancement Program. In parallel, it has secured enough projects to meet its goal of sourcing at least 50% of its electricity from renewable sources by 2030, based on 2020 procurement levels.

 

The updated goals will not impact supply, as per the company.