It may seem counter intuitive for the chemical industry to be at the forefront of sustainability. But sustainability – and the drive to net zero – are at the heart of INEOS’ strategy.
“Tackling climate change will be impossible without the chemical industry because we provide building blocks that will help provide solutions for the future,” said Hans Casier, CEO INEOS Phenol.
INEOS knows that transitioning to net zero by 2050 will not be an easy journey for a society that relies heavily on the earth’s precious resources.
But it has been making – and continues to make – huge strides so it can continue to provide modern society with what it needs as it continues to grow.
How we are reducing our impact on the planet
INEOS is committed to net zero by 2050 (2045 in Scotland and Germany) which is why it has drawn up roadmaps to
help it to understand and plan the route ahead.
The routes may differ, but their end goal is the same: to cut CO2 emissions and remain in business, providing essential products for society.
“The targets are based on input from each business because we know that a one-size-fits-all approach will not work,” said Greet Van Eetvelde, INEOS’ global head of energy and innovation.
“That said, we have pockets of excellence so we can share best practice.”
To achieve these ambitious, but achievable goals, INEOS has identified a number of key areas where emissions can be reduced, whilst still remaining profitable and ahead of evolving regulations.
Switching the fuel it uses to power its operations is a big one.
And INEOS has already started to do that by investing in renewable energy from wind and solar farms.
But it’s just the start.
It is helping to push the circular economy, where nothing is wasted, by introducing new products made from waste and bio-based materials instead of gas and oil.
It is focused on making sure that everything it does is done safely and efficiently, and replacing old plants with more efficient, new plants.
And it is heavily invested in carbon capture and storage projects, which will safely and permanently store CO2 emissions from industries.
“I am confident that INEOS will be a big part of the solution for the green transition,” said Geir Tuft, CEO INEOS Inovyn.
“But it will require changes that we, as consumers, have to do in our everyday lives as well. This is a journey that not just companies, like INEOS Inovyn, are on. Society is on it too.”
INEOS Chairman Sir Jim Ratcliffe said INEOS was ‘fully committed’ to playing a key role in the transition to net zero.
“We plan to spend over €6 billion to back our plans and intend to hold all our businesses accountable for delivering these roadmaps,” he said.
But he said net zero would only be achieved if governments, industry and the general public worked together.
At INEOS, doing well by doing good not only drives innovation.
It also matters to its employees, customers and investors all over the world.
“Sustainability is fundamental to how we do business,” said Tobias Hannemann, CEO of INEOS Oxide.
What is key, though, to INEOS’ continued success is its entrepreneurial foundation.
“INEOS has managed to foster a culture where anything is possible, where ownership is for everyone and where change is to be embraced,” said Alison Mills, HR Director INEOS Acetyls and Nitriles.