Geneva, Switzerland, 14 October 2021 - Sibur, Russia’s leading petrochemicals producer, the largest international chemical companies and the World Economic Forum agreed on establishing a breakthrough pre-competitive development platform, designed to accelerate net-zero climate technologies, following two years of analysis and knowledge exchange between the members of the Low Carbon Emitting Technologies, or LCET, initiative.
The LCET members including Sibur, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SABIC, Solvay and the World Economic Forum agreed to set up a company by the end of 2023 to share early-stage risks and co-invest in developing and improving low-carbon-emitting technologies. The collaboration targets public and private partnerships, cooperation on common challenges and finding joint solutions to those challenges on the path to net-zero emissions.
“Sibur believes that the petrochemical industry has technological, industrial and scientific potential in terms of reducing greenhouse gas emissions and transitioning to a low-carbon economy,’’ said Darya Borisova, managing director, board member at Sibur. ``The company has been consistently incorporating ESG principles into all business processes, in accordance with its Sustainable Development Strategy to 2025”.
Sibur is taking active steps to reduce its own climate impact and adapt to climate changes, using a range of decarbonisation tools.
One of the company’s key projects contributing to the circular economy and lower greenhouse gas emissions is production of green PET granules using recycled plastics at the Polief plant in Blagoveshchensk. The granules will contain up to 25% of recycled materials and will meet the growing market demand for eco-packaging. The use of recycled materials will also reduce the specific energy intensity of polymer production and, as result, decrease greenhouse gas emissions into the atmosphere. The company started implementing the investment phase of the project in 2020 and the production start is planned for 2022.
As part of the company’s goal to reduce its greenhouse gas emissions by 15% by 2025, Sibur in June signed an agreement with Linde’s Russian unit for a joint utilization project focusing on the carbon dioxide generated as a by-product at Sibur’s facility in Dzerzhinsk. The company will transport crude carbon dioxide to a gas treatment unit that will be built by Linde to process crude CO2 into a commercial-grade product usable in the food industry. The project will help utilize about 25,000 tons of carbon dioxide per year.
Chemicals are essential for more than 95% of the world’s manufactured goods and the sector is currently responsible for around 5% of total greenhouse gas emissions. Worldwide product demand is expected to quadruple by 2050. The Forum’s LCET initiative entered its next implementation stage with the chemical companies’ collaboration agreement. The LCET initiative calls for new ways to finance net-zero solutions, sharing expertise and reducing investment risks.
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