NOVA Chemicals Corporation (“NOVA Chemicals”) announced sector-leading ESG ambitions to drive the circular economy for plastics, in line with its vision to become the leading sustainable polyethylene producer in North America.
By 2030, the company aims to:
- Set new industry standards for driving the transition to the plastics circular economy and solidifying the market for recycled polyethylene, with 30 per cent of its polyethylene salesi from recycled content;
- Be at the forefront of decarbonization by reducing its Scope 1 and 2 absolute CO2 emissions by 30 per centii; and
- Become a Top 30 company in Canada.
NOVA Chemicals has also shared its aspiration to reach net-zero Scope 1 and 2 emissions by 2050.
To achieve these aspirations, NOVA Chemicals anticipates investing between USD$2-4 billion by 2030 to expand its sustainable product offerings, decarbonize assets, and build a state-of-the-art mechanical recycling business while exploring new advanced recycling technologies to create high-quality, high-performance recyclable and low carbon plastics.
Building on its proprietary, Advanced SCLAIRTECHTM technology (AST), NOVA Chemicals will explore expanding its product portfolio to include the development of innovative, advanced materials. These new product offerings, which will include the company’s first ASTUTE™ polyolefin plastomers line, will better serve existing customers and provide more options for sustainability-focused end markets such as electric vehicles and renewables.
NOVA Chemicals has already begun growing its portfolio of recycled and recyclable polyethylene resins through its recently announced launch of SYNDIGO™ recycled polyethylene, a new portfolio of products made from circular polymers to encourage both waste and emissions reductions.
The company’s 2030 aspirations are shorter-term objectives that will help NOVA Chemicals reach its ultimate goal of achieving net-zero Scope 1 and 2 absolute CO2 emissions by 2050. NOVA Chemicals has developed a technical solutions-focused roadmap for decarbonizing its asset base by improving energy efficiencies, electrifying and acquiring renewable power, and exploring clean hydrogen as a low carbon fuel source and Carbon Capture, Utilization, and Storage (CCUS).