LyondellBasell raises reduction target for planet-warming emissions

(Reuters) - Chemicals company LyondellBasell Industries N.V. on Friday increased its greenhouse gas (GHG) reduction target for direct emissions, as well as indirect emissions from purchased energy, to 42% by 2030 from an earlier taget of 30%.

It also established a target to cut all other indirect emissions (Scope 3) by 30% by 2030, from an earlier 2020 baseline.

Companies across the world are under pressure to cut their carbon footprint as activists and scientists warn of rising temperatures and its effect on ecological balance.

Scientists say it is necessary to cap temperature rises to 1.5 degrees Celsius above the pre-industrial average, in line with the Paris Climate Agreement, to avoid global warming's most severe impacts

Scope 3, which has proven particularly contentious with companies pointing to incomplete data as a hurdle for accurate reporting, captures the bulk of emissions and must be kept in the International Sustainability Standards Board's global sustainability rules, climate activists say.

With its reduction target of 42% for the other two kind of emissions, LyondellBasell aims to cap GHG emissions at about 13.3 million metric tonnes (mmt) by 2030, from its 2020 baseline of about 22.87 mmt, according to a Reuters calculation.

The Houston-based company, which reiterated by its goal to achieve net zero Scope 1 and 2 GHG emissions from global operations by 2050, said capital expenditures needed to cut planet-warming gases are not expected to represent a significant portion of total capital expenditures over the next three years.

Scope 1 refers to the company's own direct emissions, while Scope 2 takes into account indirect emissions from purchased energy.

(Reporting by Arshreet Singh; Editing by Nivedita Bhattacharjee)