The journey to net zero by 2050 will not be an easy one for INEOS. It is an efficient manufacturing company, but the manufacture of vital raw materials for clothing, medicines, electronics, cars, planes and buildings is energy-intensive. Its products are also used to build wind turbines, solar panels and other renewable technologies. And all that comes at a cost to the environment.
“Our industrial processes require a certain amount of energy and give off CO2,” said INEOS chairman Sir Jim Ratcliffe. “That’s the reality. You cannot have one without the other.”
The company recently published its first-ever group sustainability report, pulling together data from all its businesses across the world.
“It was a mammoth task,” said Communications Director Tom Crotty. “But we needed to see where we are globally, so that we can clearly see what needs to be done.”
And changes to cut carbon emissions, produce more sustainable products, and find alternatives to fossil fuels are already afoot.
It has started replacing gas and oil, where it can, with renewable materials to make its products.
It is working in partnership with pioneering recycling companies to reuse plastic waste.
It is reinvesting its profits in state-of-the-art manufacturing plants to improve their efficiency, which will cut carbon emissions.
It has started sourcing energy from wind, which will reduce its carbon footprint by more than one million tonnes of CO2.
It is exploring ways to capture and permanently store carbon emissions underground in decommissioned oil wells, saving millions of tonnes more.
It is investigating the possibility of mixing captured waste carbon dioxide with sustainably-generated hydrogen to produce methanol, a chemical widely used in everything from clothing to fuel.
And it is pushing for an economy fuelled by green hydrogen, which produces zero emissions.
“INEOS is aiming to contribute by not only decarbonising energy for its existing operations, but also by providing hydrogen that will help other businesses and sectors do the same,” said Geir Tuft, CEO of INEOS business, INOVYN.
Chris Stark, CEO of The Committee on Climate Change, which advises the British government on what it needs to do to achieve its climate change goals, believes INEOS has an important role to play in helping to create a hydrogen-powered, low carbon economy.
In a recent interview with INCH magazine, he said: “INEOS will be with us on this journey. It just needs to make sure it explains its role in the climate change debate so the public understands too.”
Energy transition
As the world looks for cleaner, alternative forms of energy, INEOS is investing millions in a range of projects aimed at drastically cutting CO2 emissions. Green hydrogen will be a key focus, so too will be carbon capture and storage. And both opportunities will lead to new jobs.
Roadmaps
As the world looks for cleaner, alternative forms of energy, INEOS is investing millions in a range of projects aimed at drastically cutting CO2 emissions. Green hydrogen will be a key focus, so too will be carbon capture and storage. And both opportunities will lead to new jobs.
Circular Economy
INEOS is focused on creating a circular economy to prevent billions of tonnes of plastic ending up in landfill. Throughout the INEOS group, businesses are developing several technologies in parallel, each suited to the different plastic which is collected, and it has already launched over 25 different products containing recycled plastic.
Safe Sustainable Products
From polymers to medicines to mobile phones, chemicals manufactured by INEOS enhance almost every aspect of modern life. Working with our customers, we produce safe and sustainable products that also help society to meet net zero by 2050.