BAKU, Azerbaijan, May 11. Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey plans to implement energy efficiency and electrification initiatives to decrease CO2 emission by 1 percent per annum and carbon intensity by 1 percent from 2021 to 2025, Trend reports with reference to SOCAR Turkey.
In the mid-term, from 2025 through 2030, it is planned to develop internal carbon pricing approach for future investments to effectively integrate decarbonization aspiration and mitigate risks caused by potential regulations.
In the long terms, from 2030 onwards, Petkim is expected to achieve long term decarbonization targets for decreased emissions: 40 percent reduction by 2035 for Scope 1 & 2; Net zero by 2050 for Scope 1 & 2; 50 percent reduction in carbon intensity for Scope 3 by 2050.
It will also collaborate with alternative energy startups with know-how gained in short and mid-term.
[Scope 1: Direct emissions (e.g., production processes), Scope 2: Indirect emissions (e.g. electricity and heat), Scope 3: Indirect emissions in the value chain (e.g. emissions from combustion of products in an internal combustion engine)].
SOCAR’s petrochemical complex will develop relations and potentially partnerships with mechanical recycling players to address projected business opportunity and capture sustainability impact. It will invest in plastic recycling to be one of the leading companies in Turkey recycling industry capacity.
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