LYB Secures Renewable Energy Capacity to Achieve its 2030 Goals

On September 24, 2024, LyondellBasell (LYB) announced the signing of a significant power purchase agreement (PPA) with Eneco N.V., marking a major milestone in the company’s renewable energy initiatives. This agreement brings LYB's total secured renewable electricity capacity to meet its procurement target of 100%.

Peter Vanacker, CEO of LyondellBasell, emphasized the importance of climate action as a fundamental component of the company’s strategy to create value for 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,” he stated. He also noted that power purchase agreements play a crucial role in the company’s commitment to reduce absolute scope 1 and 2 greenhouse gas emissions. Significantly, approximately 15% of LYB's baseline scope 1 and 2 greenhouse gas emissions in 2020 were attributed to electricity usage.

The company has set a target to source at least 50% of its electricity from renewable sources by 2030, with the baseline established from 2020 procurement levels. Under the newly signed 15-year PPA, LYB will secure 25 megawatts (MW) of renewable electricity generation capacity from the Hollandse Kust West VI (HKW-VI) offshore wind farm in the North Sea, Netherlands. Beginning in 2027, Eneco is set to deliver approximately 103 gigawatt-hours (GWh) of offshore wind power to LYB each year, which is sufficient to power around 28,500 European homes.

The Hollandse Kust West VI offshore wind park is expected to rank among the largest of its kind in the Netherlands, underscoring the commitment of both LYB and Eneco to advancing renewable energy solutions. This strategic partnership not only reinforces LYB’s dedication to sustainability but also contributes significantly to the broader efforts of transitioning to a low-carbon economy.

As LYB continues to align its operations with sustainable practices, this agreement is a crucial step towards achieving its long-term environmental objectives. By leveraging such partnerships, LYB is well-positioned to enhance its renewable energy capacity and minimize its environmental impact in the coming years.

LyondellBasell (LYB) is a prominent player in the global chemical industry, dedicated to developing solutions that promote sustainable living. By leveraging advanced technology and strategic investments, LYB is facilitating a circular and low-carbon economy. The company strives to create value for customers, investors, and society at large. As one of the largest producers of polymers and a leader in polyolefin technologies, LYB designs, manufactures, and markets high-quality, innovative products for a wide range of applications, including sustainable transportation, food safety, clean water, and quality healthcare.