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BASF SE

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Russian petrochemical giant Sibur launches net-zero collaboration platform

10/19/2021 | 09:21am EST

Sibur will establish a Low Carbon Emitting Technologies pact with leading international chemical companies and the World Economic Forum to help coordinate climate change responses, according to an announcement from Russia’s leading petrochemicals corporation.

Following two years of analysis and knowledge exchange, initiative members will accelerate the development and implementation of net-zero climate technologies.

Members will share early-stage risks and co-invest in developing and improving low-carbon-emitting technologies by the end of 2023, according to the agreement. The shared expertise is aimed to reduce investment risks and bolster solutions.

Initiative members include Sibur, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SABIC, Solvay and the World Economic Forum. These major companies are taking steps to reduce climate impact using decarbonization tools, as countries around the world seek to attain net-zero goals within the coming decades.

Man-made activities have contributed to a global rise in temperatures, resulting in extreme weather, flooding, property damage, wild fires and the reduction of the polar ice cap.

“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, following its Sustainable Development Strategy to 2025,” she added.

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 Linde will build to process crude CO2 into a commercial-grade product usable in the food industry. The project will help utilise about 25,000 tonnes of carbon dioxide per year.

Sibur earlier launched a project to produce green PET granules using recycled plastics at its Polief plant in Blagoveshchensk. The granules will use up to 34,000 tonnes of recycled raw materials annually and meet the growing market demand for recycled materials packaging. The company started implementing the investment phase of the project in 2020, with the start of production slated for 2022.

Businesses around the world are interconnected and co-dependent as never before, making cooperation a necessary approach to tackling climate change. Climate issues are part of a multi-company chain, spanning from resource extraction to manufacturing to consumer services. Creating realistic unified solutions should provide new synergies that can deliver real environmental gains.

Sibur will establish a Low Carbon Emitting Technologies pact with leading international chemical companies and the World Economic Forum to help coordinate climate change responses, according to an announcement from Russia’s leading petrochemicals corporation.

Following two years of analysis and knowledge exchange, initiative members will accelerate the development and implementation of net-zero climate technologies.

Members will share early-stage risks and co-invest in developing and improving low-carbon-emitting technologies by the end of 2023, according to the agreement. The shared expertise is aimed to reduce investment risks and bolster solutions.

Initiative members include Sibur, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SABIC, Solvay and the World Economic Forum. These major companies are taking steps to reduce climate impact using decarbonization tools, as countries around the world seek to attain net-zero goals within the coming decades.

Man-made activities have contributed to a global rise in temperatures, resulting in extreme weather, flooding, property damage, wild fires and the reduction of the polar ice cap.

“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, following its Sustainable Development Strategy to 2025,” she added.

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 Linde will build to process crude CO2 into a commercial-grade product usable in the food industry. The project will help utilise about 25,000 tonnes of carbon dioxide per year.

Sibur earlier launched a project to produce green PET granules using recycled plastics at its Polief plant in Blagoveshchensk. The granules will use up to 34,000 tonnes of recycled raw materials annually and meet the growing market demand for recycled materials packaging. The company started implementing the investment phase of the project in 2020, with the start of production slated for 2022.

Businesses around the world are interconnected and co-dependent as never before, making cooperation a necessary approach to tackling climate change. Climate issues are part of a multi-company chain, spanning from resource extraction to manufacturing to consumer services. Creating realistic unified solutions should provide new synergies that can deliver real environmental gains.

 

©2021 bne IntelliNews , source Magazine

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P/E ratio 2021 11,1x
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Martin BrudermŘller Chairman-Executive Board
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