Borealis Announces Its Strategy 2030 Centered on Sustainability

Borealis announces the introduction of the Borealis Strategy 2030. At the core of this strategic evolution is sustainability, which is supported by the strong Borealis foundation of dedication to safety first, its people, innovation and technology, and performance excellence.

Efforts for Circular Economy

This foundation powers continued geographic expansion and the ongoing transformation towards the circular economy. The strategy stipulates new and more ambitious sustainability targets about greenhouse gas (GHG) emissions reductions, energy consumption, and the circular economy.

Underlying the Borealis Strategy 2030 is an evolved purpose, “Re-inventing Essentials for Sustainable Living,” whose intent and spirit is shared across the OMV Group.

All-round Evolution for Sustainability

The Borealis Strategy 2030 affirms that sustainability forms the core of all its current and future operations. The sustainability targets stipulated in the strategy cover GHG emissions, energy use, flaring, and circular economy products and solutions for Borealis Polyolefins and Hydrocarbons businesses.

Reducing Greenhouse Gas (GHG) Emissions:

Borealis aims to reduce its Scope 1 and Scope 2* emissions from 5.1 million tons (base year 2019) to less than 2 million tons by 2030. The emission reduction portfolio includes increased use of electricity from renewable sources throughout the decade and carbon capture projects which will come on stream in the second half of this decade. The reduction target also includes the announced divestment of the Borealis nitrogen business, which comprises fertilizers, technical nitrogen, and melamine.

Renewable Energy Consumption:

In 2021, around 25% of the electricity Borealis used in its own operations was derived from renewable energy sources such as wind and solar power. By 2025, the share of renewables in the electricity mix will increase to 40%. By 2030, 100% of the electricity used in its Polyolefins and Hydrocarbons operations shall be of renewable origin.

Products and Solutions to Promote Circularity:

Around 100 kilotons of products currently manufactured by Borealis in Europe are circular. These include recycled and renewable polymers and chemicals as well as renewable hydrocarbons. By 2025, Borealis targets a six-fold increase in the share of circular products and solutions, or 600 kilotons.

By 2030, the volume of circular products and solutions is set to reach 1.8 million tons globally, turning today’s plastic waste into a valuable resource to be reused. Moving from a linear towards a circular economy will also significantly reduce the Borealis Group’s Scope 3** emissions.

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