Leading a Sustainable Future: Tackling Scope 3 Emissions

NORTHAMPTON, MA / ACCESSWIRE / February 14, 2023 / Recently, we announced LyondellBasell's new climate ambitions. Today I am writing to give you my reflection on the importance of LyondellBasell's recent bold and significant moves: reducing our Scope 3 emissions. I started my sustainability career at the World Business Council for Sustainable Development (WBCSD), leading the development of the scope 3 standard, an extensive process between WBCSD, the World Resources Institute (WRI), more involving than 60 companies and hundreds of stakeholders. The WRI and the WBCSD created the Greenhouse Gas Protocol (GHGP) in 2001 to help companies to measure emissions and identify opportunities to reduce them. The development of the scope 3 standard was part of the GHGP.

My experience with GHGP standards, combined with working with over 200 companies to advance the sustainability transition for 10 years, has given me the know-how to lead LyondellBasell's sustainability efforts and contribute to advancing the company's climate ambition strategy, including reducing scope 3 emissions. The actions LyondellBasell is taking in support of our new climate ambitions demonstrate tangible steps to advance a more sustainable future.

As I reflect today, we are living with inflation, a war in Europe, energy insecurity, and a potential global recession. I realize how brave and committed our company is to lead and advance our sustainability position by increasing our emission reduction targets during these challenging times.

Our step forward in sustainability is achievable, smart for business and good for society. We are taking concrete action to create value while also positioning us to be a first-mover to address growing customer demand, as well as societal, customer, brand owner and investor expectations.

The Importance and Challenges of Scope 3

Scope 3 (also known as value chain emissions) represents corporations' greatest proportion of total greenhouse gas (GHG) emissions. In the chemical industry, scope 3 emissions account for approximately 75% of all total emissions. Yet, it is the most challenging to tackle, particularly because the sources of these emissions are not controlled by the company, i.e., the products, materials and services a company buys in order to make its products and the subsequent downstream use and disposal of these products. Many global companies in chemicals and other industrial sectors are reluctant to commit to tackling scope 3 emissions given the value chain challenges, such as the complexity of measuring the emissions (which entails complicated data collection), and the need for more transparency in the supply chain. However, to keep global warming under 1.5 degrees Celsius, there is an urgency to accelerate decarbonization efforts, including significantly reducing scope 3 emissions.

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