Russian petrochemical giant Sibur plans to establish a Low Carbon Emitting Technologies pact with the World Economic Forum and leading international chemical companies to help coordinate climate change responses - Intellinews

After two years of analysis and knowledge exchange, members of the initiative will accelerate the development and implementation of net-zero climate technologies and co-invest in developing and improving low-carbon-emitting technologies by the end of 2023. The shared expertise is aimed to reduce investment risks.

Initiative members include Sibur, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SABIC, Solvay, and the World Economic Forum. These companies are taking steps to reduce climate impact using decarbonization tools, as countries around the world seek to attain net-zero goals within the coming decades.

Sibur believes that the petrochemical industry has technological, industrial, and scientific potential in terms of reducing greenhouse gas emissions and transitioning to a low-carbon economy. The company has been consistently incorporating ESG principles into all business processes, following its Sustainable Development Strategy to 2025

Darya Borisova, managing director, board member at Sibur

As part of Sibur’s goal to reduce its greenhouse gas emissions by 15% by 2025, in June the company signed an agreement with Linde’s Russian unit for a joint utilization project focusing on the carbon dioxide generated as a by-product at Sibur’s facility in Dzerzhinsk.

Linde will build a gas treatment unit where Crude carbon dioxide will be transported to process it into a commercial-grade product usable in the food industry. This will help utilise around 25,000 tonnes of carbon dioxide per year.

Sibur earlier launched a project to produce green PET granules using recycled plastics at its Polief plant in Blagoveshchensk. This will use up to 34,000 tonnes of recycled raw materials annually and meet the growing market demand for recycled materials packaging. Investment phase of the project began in 2020, with production planned to start in 2022.