Several BASF initiatives! Chemical feedstock use - reducing carbon footprint to help green growth

BASF has recently reaffirmed its climate protection objectives, it has been announced. Sharing an update on its climate neutral roadmap with investors and financial analysts, BASF confirmed its goal to reduce greenhouse gas emissions by 25% by 2030 compared to 2018 and to achieve net zero global emissions by 2050.

To plan for a reduction in global carbon emissions to 16.4 million tonnes by 2030, the BASF Group is publishing an annual CO2 emissions forecast, which is likely to have an emissions margin of error of around 500,000 tonnes.

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Europe is facing a brutal war with far-reaching consequences for people and economies," said Dr. Muller Bo, Chairman of BASF Europe's Executive Board. But at the same time, we must not lose sight of the biggest global challenge of our time - climate change.

The BASF Group is currently working intensively on a number of projects to further significantly reduce CO2 emissions and achieve our ambitious climate targets. Through our cooperation with raw material suppliers, we are also taking steps to reduce our product-related carbon emissions. In this way, we are driving the transition and supporting our customers in reducing carbon emissions in their product portfolios."

Renewable energy a key driver of emissions reductions

Despite a significant increase in production in 2021, BASF's CO2 emissions have been reduced by around 3% compared to 2020, in large part due to an uptick in the use of renewable energy. The use of renewable electricity will be the main driver of emission reductions at BASF until 2025. In 2021, renewable electricity will account for 16% of the BASF Group's global electricity demand. The company expects its global electricity demand in 2021 to be 100% met by renewable electricity in 2030.

To meet its renewable energy needs, BASF is taking a captive plus procurement decision, including investing in the company's own renewable energy assets and purchasing renewable electricity from third parties.

BASF is understood to have acquired a stake in Vattenfall's HollandseKust Zuid (HKZ) wind farm in 2021. Once fully operational, it will be the world's largest offshore wind farm with a total installed capacity of 1.5 GW. The project is expected to be fully operational by 2023. At the same time, BASF has signed a 25-year European Renewable Energy Power Purchase Agreement with ENGIE and Ørsted to supply it with a significant amount of renewable electricity from wind and solar in Europe.

In the US, BASF has signed long-term wind and solar supply contracts for its Freeport and Pasadena sites. In China, BASF has signed agreements with suppliers to procure renewable electricity for its new integrated site in Zhanjiang, Guangdong.