INEOS sustainability report: progress on circular economy goals

INEOS has published its global sustainability report for 2022, prepared in line with Global Reporting Initiative (GRI) standards and externally assured by KPMG. The report confirms a strong worldwide performance through the year, progressing with 2030 climate roadmaps, advancing the circular economy, building sustainable chemical value chains, and delivering excellence in health and safety.

Report highlights:

INEOS reinforces its commitment to net-zero emissions by 2050
Roadmaps in each business to reduce operational emissions by 33% by 2030 compared to 2019 have been progressed
Company records a 12% reduction in greenhouse gas emissions compared to 2019
NEW TARGET to incorporate 850,000 tonnes of recycled or bio-attributed material into its polymer products by 2030
Safety: best-in-class safety performance in 2022, recording 0.17 injuries per 200,000 hours worked; five times lower than the industry average (OSHA data)

Good progress towards net-zero emissions The report highlights a 12% reduction in greenhouse gas emissions compared to 2019, resulting from ongoing optimisation of production processes, sourcing renewable power through major Power Purchase Agreements.

INEOS continues to play a major role in the emerging clean hydrogen economy as its new hydrogen business moves forward with plans to invest over €2 billion in green hydrogen production in Europe. Project ONE also continues to advance and the company is progressing designs for a world-scale blue hydrogen plant at Grangemouth.

Leading role in carbon capture utilisation and storage INEOS also highlights its leading role in major carbon capture utilisation and storage (CCUS) projects, including Project Greensand, the Scottish Acorn cluster, and Antwerp@C. In a world first, the INEOS led Greensand project demonstrated the capture of CO2 from its Antwerp site in Belgium, transportation to the Danish North Sea and injection into a depleted oil well for permanent storage.

Achieving more for the circular economy INEOS is committed to playing its part in the transition to a circular economy where resources are optimally used, and waste is eliminated. It is on track to exceed its pledge to increase the circularity of its plastics by 2025. As of 2022, the company has already introduced more than 30 new product grades, containing at least 50% recycled content, in addition to bio-attributed styrene, polyolefins, phenol, ethylene oxide, epichlorohydrin, and PVC ranges.

The 2022 sustainability report publishes a new target to incorporate 850,000 tonnes of recycled or bio-attributed material into our polymer products by 2030.

Strong health and safety metrics The health and safety of its workforce, contractors and visitors to our sites, is a priority for INEOS and it is committed to maintaining the highest standards.

In 2022 INEOS sites recorded 0.17 injuries per 200,000 hours worked, which is best in class. According to OSHA data in the US, this is five times lower than the industry average.

Although its safety record already ranks with the best in the industry, INEOS believes that it can still be improved upon and aims to prevent all accidents.

Improving the sustainability of its business and operations is central to the way INEOS works. It is of critical importance to its employees, partners and customers, to the communities in which it operates, and to its investors. It drives innovation across all INEOS businesses and sites.

The full report can be downloaded from the INEOS website: https://www.ineos.com/sustainability/sustainability-reports/