Like many Governments around the world, we believe that hydrogen will be required for the energy transition. We have therefore launched a new global clean hydrogen business which will make hydrogen from water by electrolysis using zero carbon electricity. This builds on our existing strengths. We are Europe’s largest developer and operator of electrolysis technology in our chemicals business. We also have storage infrastructure. The two combined can help buffer the intermittency of renewable energy. And finally, we have the advantage that we can kick start the transition using our existing hydrogen, which is a co-product in our existing processes. In fact, we make enough hydrogen to fuel 300 million miles of heavy goods vehicle travel.
Clean hydrogen will provide zero emission power for industry and homes and will meet the growing demand for hydrogen fuelled vehicles, including for future versions of our own INEOS Grenadier 4x4. We recently signed a memorandum of understanding with Hyundai Motor Group to work together on fuel cells for the Grenadier and cooperate on hydrogen development. We are also working with local and national authorities in several regions to develop the infrastructure needed.
We are investing in renewable electricity to power our operations. For example, we recently announced a deal to purchase 84 MW of wind energy for our site in Antwerp. This will eliminate over 1.1 million tonnes of emissions over the next 10 years, the equivalent of taking 80,000 cars off the road.
In the USA, we are exploring development with partners of solar farms for renewable energy at two of our sites. As for wind power, zero emission solar power coupled to additional electrification of our systems will enable us to substantially reduce emissions and take us a step further in our contribution to the goal for 2050.
Sustainably sourced biomass is an attractive option as a raw material for our products. This is because biomass grows by taking carbon dioxide in the atmosphere. If products can be made from the biomass with fewer emissions than the biomass captured whilst growing, then there is the potential to drastically reduce GHG emissions from the atmosphere.
We have demonstrated this concept at commercial scale by feeding sustainably sourced bio-raw materials into our large olefin plants in Köln. The biomass - wood-based residue from the forestry industry - was successfully converted into bio-olefins. This has enabled us to launch Biovyn, the world’s first bio-attributed PVC products. The whole process - from sourcing of raw materials to production of the Biovyn - has been independently certified to ensure it conforms with all sustainability criteria by the Roundtable On Sustainable Biomaterials. Life Cycle Analysis on the Biovyn product shows that it saves 90% GHG emissions compared to conventional PVC. It is being used to make pipe in the Hope Project in Sweden.