INEOS makes headway on its 2030 decarbonization targets with 22% GHG emission cuts

London-based energy player INEOS has published its 2023 global sustainability report which highlights a 22% reduction in greenhouse gas (GHG) emissions compared to 2019, and progress made in the carbon capture and utilization (CCU) and carbon capture and storage (CCS) arena.

As stated in the report published in late April, INEOS focused on its strategic goals in 2023, including expanding its presence in key markets, giving assets a new lease of life, and developing new technologies. Furthermore, the company also made progress in its environmental objectives, reporting a new milestone in curbing its greenhouse gas emissions by 33%, compared to 2019, by 2030, as these are now down by 22%.

Sir Jim Ratcliffe, INEOS Chairman and CEO, noted in the report: “INEOS businesses continue to work on our roadmaps to deliver net-zero emissions across all of our operations by 2050, whilst remaining profitable and staying ahead of evolving regulations and legislation. Based on the roadmaps developed to date, we have set a reduction target of 33% by 2030. This process has already started. We will spend several billions of euros to back our plans.”

The report lists six main pathways to achieve net zero by 2030, including fuel switching, feedstock switching, optimization, carbon capture and utilization, carbon capture and storage, and offsetting. The first five are active abatement pathways, while the sixth will be left for neutralizing unabated emissions to reach net zero closer to 2050. 

The drop in emissions is attributed to clean power deals supplying several INEOS sites with renewable electricity, optimization measures, and gradual changes in processes across sites. The lower production levels in 2023 are also believed to have played an important role in the process, with a 10% year-on-year reduction in energy consumption recorded.

The company also states that it worked on slashing emissions in the value chain through sustainable procurement, innovative product development, industrial symbiosis, and logistics optimization.

In addition to reducing emissions, the report underscores the company’s role in CCU and CCS. One of the biggest projects in this regard is Project Greensand, in which INEOS partnered with Wintershall Dea to capture CO2 in Zwijndrecht, Belgium, transport it across the border, and store it in the Nini field in the Danish North Sea. The start-up of the project marked the first-ever injection of CO2 in the North Sea.