LyondellBasell, a top global chemical company, has published its 2024 Sustainability Report. The report shows strong progress in circular and low-carbon solutions, climate action, and safe operations.
“At LYB, we see sustainability as a chance to rethink the future and build long-term value,” said Peter Vanacker, CEO of LyondellBasell. “Our 2024 report, ‘From Vision to Value,’ shows how we are challenging old habits and moving faster toward a circular and low-carbon future. We’re investing in new technologies, building stronger partnerships, and making sustainability a key part of our business.”
Key highlights from the 2024 Sustainability Report:
- Value Enhancement Program (VEP): This employee-led initiative added $800 million in recurring annual EBITDA and cut yearly carbon emissions by 310,000 metric tons.
- Circular economy progress: LYB grew its recycled and renewable-based polymer volumes by 65%, reaching over 200,000 metric tons. This brings the company closer to its 2030 target of two million metric tons produced and marketed each year, with a potential added EBITDA of over $1 billion.
- MoReTec-1 project: Construction has started on the first commercial chemical recycling plant in Wesseling, Germany. This facility will turn hard-to-recycle plastic waste into new raw materials, including those used in contact-sensitive packaging.
- Lowering carbon emissions: In Q1 2025, LYB safely closed refining operations at its Houston refinery. This step will reduce annual Scope 3 emissions by around 40 million metric tons.
- Renewable energy: New power purchase agreements signed in 2024 will help LYB reach its goal of sourcing at least half of its electricity from renewable sources by 2030.
- Safety achievements: Out of more than 90 manufacturing sites, 70 reached GoalZERO, 72 sites had no injuries, and the company recorded its second lowest-ever total recordable incident rate (0.127).
- Growth and investments: LYB acquired APK AG, adding Newcycling technology to its lineup for recycling low-density polyethylene (LDPE) waste.
- Sustainability recognition: LYB earned the top spot among plastics producers in BloombergNEF’s 2024 circular economy rankings and kept its AA ESG rating from MSCI.
Peter Vanacker added, “Looking ahead, we stay focused on sustainability and new solutions. Our work in circular and low-carbon products, along with our commitment to safety and strong operations, will help us reach our 2030 and 2050 targets. We’re turning our vision into real, lasting value for our customers, shareholders, and society.”
Check out the full 2024 Sustainability Report at www.lyondellbasell.com.
About LyondellBasell
LyondellBasell (NYSE: LYB) is a leading global chemical company creating solutions for a more sustainable way of living. We use advanced technology and targeted investments to support a circular and low-carbon economy.
Our goal is to deliver value to our customers, investors, and communities. As one of the largest makers of polymers and a leader in polyolefin technology, we develop and supply high-quality products for uses like safe transportation, food safety, clean water, and better healthcare.
For more information, visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
