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MOL to reduce group-level emissions by 30% by 2030

Oil&Gas Materials 24 February 2021 11:55
MOL to reduce group-level emissions by 30% by 2030

BAKU, Azerbaijan, Feb.24

By Leman Zeynalova – Trend:

Hungarian MOL Group wants to significantly increase its EU Taxonomy-aligned climate-friendly investments to exceed 50 percent of total capex by 2030 and to approach 100 percent by 2050, or earlier, Trend reports citing the company.

MOL also wants to play a key role in shaping the low-carbon circular economy with investments in new businesses such as waste integration and utilization, recycling, carbon capture, utilization and storage (CCUS), advanced biofuels and potentially hydrogen-related opportunities. In the next five years, MOL will spend USD 1bn on new, low-carbon and sustainable projects to become a key player in CEE in the circular economy.

In line with the Paris Agreement and the need for globally coordinated efforts to limit global warming and climate change, it is also the role of MOL to contribute to the decline in carbon emissions from its value chain and operated assets. Accordingly, MOL will reduce group-level emissions by 30 percent by 2030, make both E&P and Consumer Services carbon-neutral (in terms of Scope 1 and 2 emissions) by 2030, while Downstream emissions (Scope 1 and 2) will be reduced by 20% by 2030 (from a 2019 base) for existing operations.

MOL also shares the EU’s ambition to be climate-neutral by 2050 in terms of all (Scope 1, 2 and 3) carbon emissions and wishes to actively participate in the industrial revolution required to make Europe carbon-neutral, both on its own and in partnering with others.

With an unchanged vision of the structural, long-term decline in fossil fuel demand in Europe, MOL will continue and accelerate its fuel-to-chemicals transformation in Downstream growing to become a leading sustainable chemicals company in CEE. MOL has unchanged ambitions in Consumer Services to become a market-leading, digitally driven consumer goods retailer and complex mobility service provider in the region.

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Follow the author on Twitter: @Lyaman_Zeyn

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