PR99233

HOUSTON and LONDON, Dec. 16, 2022 /PRNewswire=KYODO JBN/ --

LyondellBasell (NYSE: LYB), a leader in the global chemical industry, today

announced it will increase the company's 2030 greenhouse gas (GHG) emissions

reduction target for scope 1 and scope 2 emissions from 30 percent to 42

percent, relative to a 2020 baseline. In addition, the company will establish a

2030 scope 3 GHG emissions reduction target of 30 percent, relative to a 2020

baseline and in accordance with guidelines from the Science Based Targets

Initiative (SBTi). The company's previously announced goal to achieve net zero

scope 1 and 2 GHG emissions from global operations by 2050 remains unchanged.

"We believe a more ambitious GHG reduction target is achievable and will create

substantial value for all of our stakeholders," said Peter Vanacker, CEO of

LyondellBasell. "Reducing emissions while simultaneously building a world-class

Circular and Low Carbon Solutions business is needed to meet the demands we are

seeing throughout the value chain.  This approach is not only good for society,

but also good for business. We will follow a disciplined approach to prioritize

high-return projects and will continue to meet our return expectations."

Estimates of the capital expenditures necessary to achieve its emissions

reduction goals are built into the company's long-range plan. These investments

are not expected to represent a significant portion of total capital

expenditures over the next three years, nor change the capital allocation

strategy. While many of the GHG emissions reduction projects are still in the

early stages of development, the company will evaluate, pursue and prioritize

its GHG emission investments based on each project's rate of return.

LyondellBasell will submit its climate goals to SBTi to be validated against

SBTi guidance. The SBTi defines and promotes best practice for corporate GHG

emissions target setting aligned to the latest climate science.

In the near term, LyondellBasell continues to execute its previously announced

initiatives to reduce emissions, including:

    - Startup of four power purchase agreements in Texas, representing

      approximately 400 thousand metric tons of the company's scope 2 GHG

      emissions annually

    - Phasing out use of coal at its Wesseling, Germany site, reducing the

      site's scope 2 emissions by about 170 thousand metric tons annually

As announced in April 2022, the company is on track to close its Houston

refinery by the end of December 2023. This is expected to reduce scope 1 and

scope 2 GHG emissions by more than 3 million metric tons annually and scope 3

emissions by approximately 40 million metric tons annually.

LyondellBasell also aims to secure at least 75 percent of its global

electricity from low carbon power by 2030, a majority of which will come from

its existing goal to procure a minimum of 50 percent of global electricity from

renewable sources.

Many of the GHG emissions reduction initiatives planned for implementation by

2030 will begin in 2024 and beyond as the company leverages existing asset

turnaround schedules for its largest sites, including:

     - Process heat recovery projects, electrification of a large process

       turbine and optimization of steam demand at its site in Wesseling,

       Germany in 2024

    -- Optimization of heated equipment through advanced digitization,

       efficiency improvements and fuel management at its site in Channelview,

       Texas in 2025

In addition, the company's previously announced Circular and Low Carbon

Solutions business will focus on achieving its goal to produce and market 2

million metric tons of recycled and renewable-based polymers annually by 2030,

further reducing scope 3 emissions.  

Value chain collaboration remains a top priority for the company. Most

recently, LyondellBasell joined the World Economic Forum Low Carbon Emitting

Technologies (LCET) (

https://c212.net/c/link/?t=0&l=en&o=3738659-1&h=2705565207&u=https%3A%2F%2Finitiatives.weforum.org%2Flow-carbon-emitting-technologies-initiative%2Fhome&a=World+Economic+Forum+Low+Carbon+Emitting+Technologies+(LCET)

) group to help accelerate the development and upscaling of the low carbon

emitting technologies required for the chemical industry and related value

chains to reach net zero emissions by 2050.

Additional information regarding the company's transition plan, climate risk

and capital allocation approach and its alignment to the Task Force on

Climate-Related Financial Disclosures (TCFD) requirements will be included in

the 2022 LyondellBasell Sustainability Report. For more information on the

company's approach to sustainability, click here (

https://c212.net/c/link/?t=0&l=en&o=3738659-1&h=823881320&u=https%3A%2F%2Fwww.lyondellbasell.com%2Fen%2Fsustainability%2F&a=here

).

About LyondellBasell

As a leader in the global chemical industry, LyondellBasell strives every day

to be the safest, best operated and most valued company in our industry. The

company's products, materials and technologies are advancing sustainable

solutions for food safety, access to clean water, healthcare and fuel

efficiency in more than 100 international markets. LyondellBasell places high

priority on diversity, equity and inclusion and is Advancing Good with an

emphasis on our planet, the communities where we operate and our future

workforce. The company takes great pride in its world-class technology and

customer focus. LyondellBasell has stepped up its circularity and climate

ambitions and actions to address the global challenges of plastic waste and

decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's

"World's Most Admired Companies" for the fifth consecutive year. For more

information, please visit www.LyondellBasell.com or follow @LyondellBasell (

https://c212.net/c/link/?t=0&l=en&o=3738659-1&h=3130598053&u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Flyondell-basell%2Fmycompany%2Fverification%2F&a=%40LyondellBasell

) on LinkedIn.

Forward-Looking Statements

The statements in this release relating to matters that are not historical

facts are forward-looking statements. These forward-looking statements are

based upon the expectations and assumptions of management of LyondellBasell,

including expectations based on third-party information and projections, which

are believed to be reasonable at the time made and are subject to significant

risks and uncertainties. When used in this release, the words "estimate,"

"believe," "continue," "could," "intend," "may," "plan," "potential,"

"strategy," "goal," "ambition," "achieve," "pathway," "enable," "target,"

"should," "will," "expect," and similar expressions are intended to identify

forward-looking statements, although not all forward-looking statements contain

such identifying words. In addition, statements that refer to LyondellBasell's

2030 goals, net zero goal and related efforts, activities and expected capital

expenditures are forward-looking statements. Actual results could differ

materially based on factors including, but not limited to, market conditions,

the business cyclicality of the chemical, polymers and refining industries; the

availability, cost and price volatility of raw materials and utilities,

particularly the cost of oil, natural gas, and associated natural gas liquids;

our ability to operate safely, increase production of recycled and

renewable-based polymers, and reduce our greenhouse gas emissions and energy

usage; implementation of new technology and the ability to realize the expected

benefits therefrom; our ability to access capital to fund our climate-related

initiatives; developments with respect to the European Union Emissions Trading

System (EU ETS) and our ability reduce related costs; our ability to capture

benefits under the U.S. Inflation Reduction Act;  actions by our suppliers and

customers, including the use of the Circulen family of products; our ability to

procure renewable and low carbon energy and reduce our reliance on coal;

competitive product and pricing pressures; labor conditions; operating

interruptions; the supply/demand balances for our and our joint ventures'

products, and the related effects of industry production capacities and

operating rates; our ability to manage costs; future financial and operating

results; climate change developments; legal and environmental proceedings; tax

rulings, consequences or proceedings; technological developments, and our

ability to develop new products and process technologies; and potential

governmental regulatory actions, including climate-related disclosure

requirements. Additional factors that could cause results to differ materially

from those described in the forward-looking statements can be found in the

"Risk Factors" section of our Form 10-K for the year ended December 31, 2021

and in our subsequent filings with the SEC, which can be found at

www.LyondellBasell.com on the Investor Relations page and on the Securities and

Exchange Commission's website at www.sec.gov.

Forward-looking statements speak only as of the date they were made and are

based on the estimates and opinions of management of LyondellBasell at the time

the statements are made. LyondellBasell does not assume, and expressly

disclaims, any obligation to update forward-looking statements should

circumstances or management's estimates or opinions change, except as required

by law. This release refers to certain frameworks and initiatives. In doing so,

the company does not intend to endorse or adopt and is not endorsing or

adopting these frameworks permanently. The company makes no representation or

warranty as to these organization's use or definition of specific terms or

recommendations or viability of any initiatives.

LyondellBasell's reported emissions and expected reductions are based on a

combination of measured and estimated data and are based on industry standards

and best practices, including the Greenhouse Gas Protocol and guidance from

IPIECA and the American Petroleum Institute. Emissions reported are estimates

only, and data is subject to change as methods, data quality, and technology

improvements occur. LyondellBasell's goals to reduce emissions are good faith

efforts based on current relevant data and methodology, which could be changed

or refined as we evolve our approach to identifying, measuring and addressing

emissions.

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SOURCE  LyondellBasell Industries

CONTACT: Nick Facchin, LyondellBasell Media Relations, Email:

nick.facchin@lyondellbasell.com, Phone: +1 (713) 623-3643