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Air Products is furthering its commitment to reach net-zero carbon emissions by 2050.
The company said it is creating a new “Third by ’30” carbon dioxide (CO2) emissions intensity (kg CO2/MM BTU) goal for Scope 3 emissions, in addition to its existing Scope 1 and 2 goal.
Air Products will also spend or commit at least $4 billion in additional new capital for the transition to clean energy over the next five years, bringing its total commitment to first-mover projects to $15 billion through 2027.
“These commitments complement and reinforce our growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey,” said Seifi Ghasemi, chairman, president and CEO, Air Products.
“Air Products is uniquely positioned to bring together its portfolio of technologies and legacy of experience to ensure the future climate benefits generated by our first-mover projects come online at a crucial moment in the energy transition,” he said. “We continue to see significant opportunities for hydrogen and carbon capture technologies, and our industry-leading $15 billion capital commitment is further demonstration of sustainability being at the heart of our business and growth.”
To help reach net zero from its operations by 2050, in step with society’s progress towards achieving net zero, Air Products has identified tangible transition plans for new investments and modifications of existing company assets, including low- and zero-carbon hydrogen.
Air Products will also continually increase its use of renewable energy, convert its fleet of about 2,000 trucks to hydrogen fuel cell zero-emission vehicles, and implement additional actions, according to Ghasemi. Achieving this net zero goal will also require strong policy and regulatory support that promotes the adoption of key technologies to address the pace and scale required to support a net-zero future.
Consistent with its net-zero commitment, Air Products is engaging with the Science Based Targets Initiative (SBTi), a leader in mobilizing the private sector on climate action.
Since SBTi does not currently have a methodology for the chemicals sector, Air Products will participate in the SBTi Expert Advisory Group to help support development of the sectoral framework that will shape the methodology for the chemicals sector, the company said.
Air Products is also committed to addressing climate impacts throughout its upstream and downstream value chain, also known as Scope 3 emissions. The company’s additional “Third by ’30” goal is to reduce the intensity of Air Products’ Scope 3 emissions by one-third by 2030, using 2015 as the baseline year.