LyondellBasell Industries N.V. (NYSE: LYB) released the publication of its 2021 sustainability report: “Future Focused.” The report disclosed the company’s goals to help end plastic waste in the environment, tackle climate change and support a flourishing society. LYB is focused on the future, and it feels that its ambitions for more circular and sustainable plastics, as well as decarbonization, are vital to LyondellBasell’s long-term prosperity.
The corporation intends to meet its GHG emission reduction targets. It intends to increase the usage of renewable-based feedstock as well as mechanical and sophisticated plastic recycling. It has set a new objective of evaluating the company’s major suppliers based on sustainability standards. The company’s new DEI activities, which include the addition of aggressive targets are also among the plans the company.
To support a vibrant society, the company recently created two additional aims to improve DEI in the workplace. By 2032, LyondellBasell wants to achieve gender parity in senior leadership globally and increase the number of people from disadvantaged minorities in senior leadership roles in the United States to match the general population ratio.
LyondellBasell partnered with several platforms in 2021 to boost positive impact in areas that line our sustainability strategy. Cyclyx International, for example, is a feedstock management consortium to increase plastic recycling rates from 10% to 90%.
Furthermore, together for Sustainability, a collaboration of chemical firms aimed at establishing and sharing best practices to create and deliver meaningful, measurable improvements in supply chain sustainability. Additionally, the company also teamed up with ten other companies in Houston to enable the massive development of carbon capture and storage technology.
In addition, the corporation is putting catalytic capital into funds dedicated to furthering the circular economy. By 2030, LyondellBasell hopes to help catalyse additional five dollars from co-investors for every dollar invested in venture funds solving the plastic waste crisis. Closed Loop Partners in the United States and Infinity Recycling in Europe have each pledged more than $10 million to circular plastics funds.