Following the Paris Climate Agreement of 2015, most nation states have set the goal to achieve a net zero emission economy by 2050, and are adopting regulations and legislation to support this.
In response, INEOS businesses have put in place roadmaps to lead the transition to a net zero economy in our industry by no later than 2050, whilst remaining profitable, and staying ahead of evolving regulations and legislation.
Based on these roadmaps, we are setting ambitious, but achievable, targets for 2030, which are in line with our 2050 commitment. We expect to publish these shortly.
Actions and improvements are already in hand.
We will reduce emissions for each kg of product by 10% by no later than 2025, and we are investing over 3 billion euros over the next five years to reduce our footprint further.
As part of this effort, we are also investing in new products and technologies to drive the industry to a circular economy, in which materials are re-used to the maximum extent, and no products, once used, enter the natural environment.
The products we make are essential for a myriad of applications on which society relies.
That is why governments worldwide regard the industry as a critical industry, as we have seen during the recent pandemic.
The range of applications includes the following:
- health and medical devices
- clean water
- food conservation and preservation
- renewable energy technologies
- lighter energy saving materials for transport and mobility
- affordable clothing and apparel
- construction & transmission of water and gases
- electrical insulation
- household and electrical goods
Our products are essential because, based on performance, affordability, and environmental footprint, they are the best available materials for the applications concerned.
In some cases, especially in the medical sphere, they are the only available materials.
INEOS is part of the solution to the challenges the world faces, and we look forward to achieving a net zero economy whilst continuing to deliver products which are essential to society.’
What is net zero?
Net zero refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. We reach net zero when the amount we add is no more than the amount taken away.
Sustainability is fundamental to how INEOS does business. It drives innovation so we can meet the challenges associated with society’s ever-changing needs. Our approach to sustainability encompasses six key areas: safety, climate, circular economy, people, communities and the natural environment, and governance. Our sustainability strategy is to develop and make products needed to address the challenges posed by climate change, public health, resource scarcity, urbanisation and waste, in a way which drives us all towards a net zero emission economy by 2050.
For further insights download our 2020 Sustainability Report.