BASF says it is setting even more ambitious goals on its journey to climate neutrality and wants to achieve net zero emissions by 2050. Based on the most recent progress in developing low-emission and CO2-free technologies, the company is also raising its medium-term 2030 target for reductions in greenhouse gas emissions: BASF now wants to reduce its greenhouse gas emissions worldwide by 25% compared with 2018 – and to achieve this despite targeted growth and the construction of a large Verbund site in South China, according to the company. Excluding the effects of the planned growth, this means cutting CO2 emissions in half in the current business by the end of this decade. Overall, BASF reportedly plans to invest up to €1 billion by 2025 to reach its new climate target and a further €2 billion to €3 billion by 2030.
In 2018, BASF Group’s worldwide emissions amounted to 21.9 million metric tons of CO2 equivalents, according to the company. In 1990, this figure was reportedly roughly twice as high. The new 2030 emissions goal represents a reduction of approximately 60% compared to 1990 levels, which exceeds the European Union’s target of minus 55%.
“The new climate goals underscore our determination and BASF’s commitment to the Paris Climate Agreement. Climate change is the greatest challenge of the 21st century. In response, we must adapt our processes and our product portfolio. We need to accelerate this transformation now,” says Dr. Martin Brudermüller, chairman of the board of executive directors of BASF SE. “We must first concentrate on the initial steps of this journey, not the final ones. That is why BASF will increase its use of renewable energies. And we will accelerate the development and deployment of new CO2-free processes for the production of chemicals. With transparency and offerings to systematically and incrementally reduce the carbon footprint of BASF products throughout the entire value chain, we help our customers in all industries to reduce the carbon footprint of their own products.”
At the heart of the long-term transition toward net zero CO2 emissions by 2050 is the use of new technologies, which will replace fossil fuels such as natural gas with electricity from renewable sources. Most of these technologies are being pioneered by BASF in collaboration with partners and are currently in a pilot stage. Broad scaleup of these technologies will only be fully realizable after 2030, according to the company. In order to accelerate the avoidance of CO2 emissions prior to that date, BASF also continues to systematically implement continuous improvement processes for existing production plants. In addition, BASF says it will progressively switch to renewable sources to meet its electricity needs and intends to invest in wind parks to facilitate this.
For more information, visit: www.basf.com