LyondellBasell advances sustainability leadership in 2024 Sustainability Report: From Vision to Value
Rhea-AI Summary
LyondellBasell (NYSE: LYB) has released its 2024 Sustainability Report, showcasing major achievements in sustainability and operational excellence. The report, titled 'From Vision to Value,' highlights significant progress in circular and low-carbon solutions.
Key accomplishments include:
- Value Enhancement Program generated $800 million in recurring annual EBITDA and reduced carbon emissions by 310,000 metric tons
- 65% increase in recycled and renewable-based polymers to over 200,000 metric tons
- Construction of first commercial-scale chemical recycling plant (MoReTec-1) in Wesseling, Germany
- Houston refinery shutdown completion, reducing annual Scope 3 emissions by 40 million metric tons
- New power purchase agreements to achieve 50% renewable electricity sourcing by 2030
- Strong safety performance with 70 sites achieving GoalZERO and 72 sites remaining injury-free
- Strategic acquisition of APK AG for Newcycling technology
The company ranked first among plastics producers in BloombergNEF's 2024 circular economy rankings and maintained its AA ESG rating from MSCI.
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HOUSTON, April 15, 2025 (GLOBE NEWSWIRE) -- LyondellBasell (NYSE: LYB), a global leader in the chemical industry, today 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 of 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."
2024 sustainability highlights:
- Value Enhancement Program (VEP) success: The company’s employee-driven VEP initiative unlocked a cumulative
$800 million in recurring annual EBITDA and generated estimated annual carbon emissions reductions of 310,000 metric tons. - Advancing the circular economy: LYB 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 1. - MoReTec-1 construction underway: 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.
- Reducing carbon emissions: In Q1 2025, LYB safely completed the shutdown of refining operations at its Houston refinery. This will reduce annual Scope 3 emissions by approximately 40 million metric tons.
- Renewable energy expansion: 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. - Safety excellence: Out of over 90+ LYB manufacturing sites, 70 achieved GoalZERO, 72 were injury-free and the company achieved its second lowest-ever total recordable incident rate (0.127).
- Strategic growth & investments: The company acquired APK AG, adding Newcycling technology to its portfolio for solution-based recycling of low-density polyethylene (LDPE) waste.
- Sustainability recognition: Ranked first among plastics producers in BloombergNEF’s 2024 circular economy company rankings and retained its AA ESG rating from MSCI.
"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." - Peter Vanacker, CEO, LyondellBasell
For more details, read the 2024 Sustainability Report at www.lyondellbasell.com.
About LyondellBasell
We are LyondellBasell (NYSE: LYB) ― 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.
For media inquiries, please contact:
Nick Facchin
Sr. Manager, Executive Communications and Media Relations
Phone: +1 713 309 4791
Email: nick.facchin@lyondellbasell.com
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1 Incremental to LyondellBasell’s fossil-based O&P Americas and O&P EAI annual EBITDA
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