COP 26 in Glasgow has reaffirmed the global commitment to reducing the impact of the modern world on the climate of our planet. Most nation states have set the goal of achieving net zero emissions by 2050. That will only be achieved through the concerted efforts of governments, industry and the general public and I am fully committed to INEOS playing a key role in that transition.
Our INEOS businesses are developing roadmaps to deliver net zero emissions across all of our operations by 2050, whilst remaining profitable and staying ahead of evolving regulations and legislation. Based on the roadmaps developed to date, we have set a reduction target of 33% by 2030. We only make pledges that we can support with real world action plans.
This process has already started. We will spend over €6 billion to back our plans. In addition to investing over €3 billion in a wide range of projects that will reduce our footprint, we have announced ambitious plans to harness our expertise and technology to drive the development of a new hydrogen economy. In addition to a €1.2 billion investment in blue hydrogen allied to carbon capture technology at our major site at Grangemouth in Scotland, we have also announced a further €2 billion in a series of green hydrogen plants throughout Europe.
Our commitment to the development of a true circular economy is another key part of our plan for a sustainable future, where materials are reused to the maximum extent and no products, once used, enter the natural environment. We have a wide range of new products and new technologies designed to support this change to a genuine circular economy.
INEOS will play a full and active part in the transition to net zero, not only through reducing the impact of our operations but by providing the products that support other industries and individuals to reduce their own impact on the climate. Our range of applications include the following:
- health and medical devices,
- clean water,
- food conservation and preservation,
- renewable energy products,
- lighter energy saving materials for transport and mobility,
- clothing and apparel
- construction and transmission of water and energy,
- electrical insulation and information technology,
- household and electrical goods.
Our products are essential to modern life based on their performance, affordability and environmental footprint and are the best, and sometimes only, materials for each use. INEOS is here to provide the solutions to the challenges that the world faces, and we are determined that we will achieve net zero emissions whilst continuing to deliver what the world needs.
Sir Jim Ratcliffe - INEOS Chairman