The journey to net zero is not going to be an easy one for INEOS, but it knows that. Despite the challenges – and there are many – INEOS remains focused on the future and is prepared to invest billions to ensure it hits net zero by 2050.
TRANSITIONING to net zero by 2050 will not be an easy journey for industries that rely heavily on the earth’s precious resources.
But INEOS has been making – and continues to make – huge strides so it can continue to provide modern society with what it needs without damaging the planet.
Its achievements and ambitious goals are set out in its 2022 sustainability report, which has been prepared in accordance with Global Reporting Initiative Standards and externally assured by KPMG.
“Sustainability is fundamental to how we do business,” said Tobias Hannemann, CEO of INEOS Oxide.
Despite the challenging market conditions, INEOS' ambition refuses to be dampened. Despite the many distractions, momentum
continued – with bold new projects, continued investment, and steady progress towards net zero.
All INEOS’ businesses have developed – or are finalising – workable roadmaps to ensure all its operations are net zero by 2050, while still remaining profitable and ahead of evolving regulations.
Based on the roadmaps developed to date, it has set a reduction target of 33% by 2030. INEOS will spend over €6 billion to back its plans.
In addition to investing over €3 billion in a wide range of projects that will reduce the company’s footprint, it has announced ambitious plans to harness its expertise and technology to drive the development of a new hydrogen economy.
In addition to a €1.2 billion investment in blue hydrogen in carbon capture technology at Grangemouth in Scotland, it has also announced a further €2 billion in a series of green hydrogen plants throughout Europe.
INEOS intends to play a full and active part in the transition to net zero and in doing so, it will not only reduce the impact of its own operations, but will be able to provide the products that support other industries and individuals to reduce their own impact on the climate.
INEOS has always seen opportunities where others see issues.
“The entrepreneurial foundation of INEOS has fostered 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. “This is the key to our continued
success.” Doing well by doing good not only drives innovation, though. It also matters to INEOS’ employees, customers and investors all over the world. Last year alone INEOS signed three major agreements with offshore Belgian wind farms which will reduce its emissions by more than three million tonnes of CO2 over 10 years – and it is at the heart of several major projects to capture and permanently store CO2.
It also helping to push the circular economy, where nothing is wasted, by introducing new products made from waste materials and investing in advanced recycling technologies. Most nation states have agreed to achieve net zero emissions by 2050. But INEOS believes this will only be achieved through the concerted efforts of governments, industry and the public.
“INEOS is fully committed to playing a key role in this transition,” said a spokesman. The 130-page 2022 sustainability report, which can be viewed in full on INEOS’ website, details INEOS’ progress.