LYB secures capacity to reach its 2030 renewable electricity goal

September 24, 2024 at 09:37 AM EDT

HOUSTON and ROTTERDAM, the Netherlands, Sept. 24, 2024 (GLOBE NEWSWIRE) -- LyondellBasell (LYB) today announced it signed a power purchase agreement with Eneco N.V. This agreement brings LYB’s total secured renewable electricity capacity to 100% of its renewable electricity procurement target.

“Taking climate action is a key part of our strategy to create value for our stakeholders, the environment and society. I am therefore delighted that this latest agreement will help us reach our 2030 renewable electricity goal once all projects become operational,” said Peter Vanacker, LyondellBasell CEO. “Power Purchase Agreements are a critical lever in our efforts to reduce our absolute scope 1 and 2 greenhouse gas emissions.”

Approximately 15% of LYB’s 2020 baseline scope 1 and 2 greenhouse gas emissions come from its electricity consumption. The company target to procure a minimum of 50% of its electricity from renewable sources by 2030 is based on 2020 procured levels.

Under the 15-year PPA signed today, LYB will secure 25 megawatts (MW) of renewable electricity generation capacity from the Hollandse Kust West VI (HKW-VI) ecology plot offshore wind farm in the North Sea, the Netherlands.

Eneco will deliver approximately 103 gigawatt-hours (GWh) of offshore wind power to LYB annually, starting in 2027. This is comparable to the annual electricity consumption of approximately 28,500 European homes. The offshore wind park will rank among the largest of its kind in the Netherlands.

About LyondellBasell

LyondellBasell is 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 or follow @LyondellBasell on LinkedIn.

Forward-Looking Statements

The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.

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