LYB announces updated 2030 sustainability goals
MWN-AI** Summary
On February 23, 2026, LyondellBasell (NYSE:LYB) announced an update to its sustainability goals for 2030, reflecting a shift in focus due to market conditions and the need for strategic capital allocation. The company retained its three-pillar strategy aimed at enhancing its core business, fostering a profitable circular and low-carbon economy, and bolstering its corporate culture. As part of this update, LyondellBasell aims to reduce its Scope 1 and 2 greenhouse gas emissions by 32% from 2020 levels by 2030, a reduction target that has been adjusted from a previous goal of 42%. Additionally, LyondellBasell plans to produce and market 800,000 metric tons of recycled and renewable-based polymers annually by 2030, scaling back from its earlier objective of two million metric tons.
CEO Peter Vanacker highlighted that the modifications to these goals follow several years of progress and a deeper understanding of the complexities surrounding climate policy, market dynamics, and technology readiness. He underscored the importance of maintaining disciplined capital expenditures within the current economic landscape, while also committing to sustainability as a core business driver.
To date, the company has made notable strides, including the advancement of the MoReTec-1 plant in Germany—its first commercial-scale catalytic recycling facility. Progress has also been achieved in emissions reductions at its Houston Refinery and through energy efficiency measures within its manufacturing sites.
LyondellBasell plans to provide further details on its sustainability advancements in its upcoming annual Sustainability Report in April 2026. The company reiterates that these updated targets will not disrupt existing supply commitments or commercial contracts, maintaining its commitment to delivering sustainable solutions in the chemical industry.
MWN-AI** Analysis
LyondellBasell (NYSE: LYB), a key player in the global chemical industry, has recently revised its sustainability goals for 2030, highlighting a pragmatic approach amid shifting market conditions and regulatory frameworks. This update, emphasizing reductions in greenhouse gas emissions and the production of recycled materials, reflects both ambition and adaptability—important traits for investors to consider.
The company has scaled back its target for Scope 1 and 2 greenhouse gas emissions reduction from 42% to 32% by 2030, which may be perceived as a pragmatic adjustment to reflect current challenges in meeting ambitious climate goals. Simultaneously, it aims to market 800,000 metric tons of recycled and renewable-based polymers annually, a significant reduction from the previous target of 2 million metric tons. This demonstrates a strategic pivot that balances operational realities with stakeholder expectations.
Investors should take note of LyondellBasell's underlying strategy, which remains anchored in growth through core operations, coupled with a commitment to circular and low-carbon solutions. This positioning provides a degree of stability and direction amid market volatility. The ongoing development of the MoReTec-1 catalytic recycling plant in Germany serves as a concrete step towards achieving these revised goals, potentially unlocking long-term value through innovation.
Moreover, the announcement underlines the importance of disciplined capital allocation—an essential focus in today’s economic climate that could safeguard the company’s financial health and investor interests. The company’s goal to procure at least 50% of its electricity from renewable sources by 2030 further enhances its sustainability profile, aligning with broader environmental, social, and governance (ESG) trends.
Investors should view LYB as a long-term sustainability leader, but with the understanding that achieving these updated targets will require continuous adaptation to external pressures. Monitoring future performance against these goals will be crucial in determining the company’s resilience and growth potential moving forward.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
HOUSTON, Feb. 23, 2026 (GLOBE NEWSWIRE) -- LyondellBasell (NYSE:LYB) today announced updates to its 2030 climate and circularity goals amid the need for disciplined capital allocation, evolving market conditions and regulatory developments. The goals remain ambitious, while balancing the need to adjust for near-term achievability. The company’s three-pillared strategy remains unchanged: growing and upgrading the core, building a profitable circular and low-carbon business, and stepping up performance and culture. To ensure alignment with the strategy and reflect the realities of today’s operating environment, the updated goals are as follows:
- Scope 1 and 2 greenhouse gas emissions reduction: 32% by 2030, relative to a 2020 baseline.1
- Circularity: produce and market 800,000 metric tons of recycled and renewable-based polymers annually by 2030.2
“Over the past several years, we have made measurable progress and gained a deeper understanding of factors that enable us to deliver value from circular and low carbon solutions, including the pace of policy adoption and implementation, market demand and technology readiness. At the same time, maintaining capital discipline is essential in the current economic environment,” said Peter Vanacker, chief executive officer of LYB. “We will continue to create value for our stakeholders through being a leader in sustainability in the chemical industry and executing our strategy. These updates to our goals ensure we remain focused on advancing sustainability as a key value driver of our business at a pace aligned with market conditions and the regulatory environment.”
To date, the company has achieved significant milestones, including advancing construction of the MoReTec-1 plant, the company’s first commercial-scale catalytic chemical recycling plant using its proprietary MoReTec technology in Wesseling, Germany, targeting future profitable growth in circular and low-carbon solutions. The company has also made progress in reducing emissions, including at the Houston Refinery site, and through value-creating energy efficiency measures at its manufacturing sites via its Value Enhancement Program, and securing sufficient projects to reach the company target of procuring a minimum of 50% of electricity from renewable sources by 2030 (based on 2020 procured levels).
The updated goals will not impact supply commitments or commercial contracts.
Details on LyondellBasell's refreshed sustainability approach and the enablers that impact the achievement of its sustainability goals will be shared in the company’s annual Sustainability Report in April 2026.
About LyondellBasell
We are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon the expectations and assumptions of management of LyondellBasell, including expectations based on third-party information and projections, which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words "intend," "may," "plan," "potential," "strategy," "goal," "ambition," ""achieve," "pathway," "enable," "target," "should," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In addition, any statements that refer to LyondellBasell's sustainability goals and related efforts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers, and reduce our greenhouse gas emissions and energy usage; implementation of new technology and the ability to realize the expected benefits therefrom; our ability to access capital to fund our climate related initiatives; our ability to complete construction and successfully operate MoReTec-1; actions by our suppliers and customers, including the use of the Circulen family of products; our ability to procure renewable energy and reduce our reliance on coal; competitive product and pricing pressures; labor conditions; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; climate change developments; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; and potential governmental regulatory actions, including climate related disclosure requirements. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2026 and in our subsequent filings with the SEC, which can be found at www.LyondellBasell.com on the Investors page and on the Securities and Exchange Commission's website at www.sec.gov.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements, and are urged to carefully review and consider the disclosures, including but not limited to those regarding the risks we face, in the documents we file from time to time with the Securities and Exchange Commission. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our ability to achieve our strategies or goals, our results of operations or our financial condition. Many of the standards, metrics, technology and assumptions used in preparing the company's goals and strategy continue to evolve and are based on management assumptions believed to be reasonable at the time of preparation but should not be considered guarantees. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume, and expressly disclaims, any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law. The company is not obligating itself to provide any specific disclosure in the future (including with respect to the goals and progress reported herein), except as it determines to do so.
Source: LyondellBasell Industries
Media Contact: Nick Facchin +1 713-309-4791
1 Previous goal: 42% reduction by 2030, relative to a 2020 baseline.
2 Previous goal: produce and market 2 million metric tons of recycled and renewable-based polymers annually by 2030. Production and marketing includes: joint venture production marketed by LYB plus our pro rata share of the remaining production produced and marketed by the joint venture, and production via third-party tolling arrangements.
FAQ**
How does LyondellBasell Industries NV Class A LYB plan to balance its ambitious 2030 climate goals with the need for disciplined capital allocation amid evolving market conditions?
What specific technologies will LyondellBasell Industries NV Class A LYB employ to achieve its circularity goal of producing 800,000 metric tons of recycled and renewable-based polymers annually by 2030?
In light of regulatory developments, how does LyondellBasell Industries NV Class A LYB's updated 32% greenhouse gas emissions reduction target compare to its previous 42% reduction goal?
How will the progress on the MoReTec-1 plant impact the overall strategy of LyondellBasell Industries NV Class A LYB in reaching its sustainability and profitability objectives in the long term?
**MWN-AI FAQ is based on asking OpenAI questions about LyondellBasell Industries NV Class A (NYSE: LYB).
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