BASF Revises its Carbon Emission Targets, Now to Reduce it by 25 pc Over 2018
- 31-Mar-2021 6:00 PM
- Journalist: Robert Hume
Taking a major step towards carbon neutrality, petrochemical giant BASF has pledged to invest around USD 4.7 billion to reduce CO2 and other greenhouse gas emissions 25% by 2030 compared to 2018 levels, company announced on 26th March 2021.
The new ambitious goal comes as a next stage to the earlier goal of keeping the emissions flat between 2018 and 2030. This move also ensures that company achieves its bold target of carbon neutrality and net-zero emissions by 2050.
The company also announced that spending will be done in two phases; first, ending in 2025 where quarter of the allocated amount will be spent, while remaining will be spent between 2026 and 2030 on various climate projects, as part of phase two. However, according to the BASF chairman Martin Brudermuller, the final figure may vary and will depend upon the amount of funding company receives from various European and national programs to support its climate projects.
Reduction of approximately half in GHG emissions between 1990 and 2018 is not only a testament of company’s exemplary performance in GHG reduction but also signifies its climate-orientated business development. New 2030 goal sets a stiff target where BASF will have to cut its CO2 emissions by half in its current business by end of this ongoing decade.
Company also plans to switch to renewable sources of electricity in coming future where primary focus will be on wind parks.
BASF is also in collaboration with Sabic and Linde to develop a pilot furnace for the world’s first electrically heated steam cracker, where the renewables will be at the forefront for electricity production.