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Solve will invest 2 billion euros to reach carbon neutrality by 2050 by Reuters


Reuters. File photo: The logo of the Belgian chemical group Solvay appears on July 29, 2015, at its headquarters in Brussels, Belgium. REUTERS / Francois Lenoir

By Marine Strauss

Brussels (Reuters) – Belgian chemical group Salve (BR 🙂 said Thursday that it aims to invest $ 2 billion to become a carbon-neutral company by 2050 and has raised its 2030 goal to reduce greenhouse gas emissions.

Solvay reported higher-than-expected third-quarter sales and positive free-cash flow for the 10th consecutive quarter.

It says it will invest up to 1 billion euros (1.16 billion) to make all activities except soda ash carbon-neutral by 2040. It will invest another 1 billion euros to ensure carbon-neutral soda ash by 2050, and it has also increased its goal of reducing greenhouse gas emissions by 26% from the previous 26% to 30%.

The company, which also makes lithium derivatives for batteries, said the investments would generate higher returns on the group’s capital costs and represent about 10% of annual capital expenditures.

The group has increased the price of its internal carbon from 50 euros to 100 euros per metric ton of CO2.

In 2016 Solvay introduced an internal price for CO2 emissions of 25 euros per metric ton to help it consider the “climate challenge in its long-term economic decisions”.

“We now have 36 projects that represent 2.4 megatons of CO2 annually – the equivalent of reducing emissions by 1.3 million carbon fuels per year,” CEO Ilham Qadri told a news conference.

Solvay, whose product range ranges from base chemicals such as soda ash to specialty polymers, sold 2.57 billion euros in the third quarter, losing 2.41 billion euros to the company-compiled consensus.

ING analyst Stijn Demeester said in a note that Solvay’s third-quarter results were strong, with record sales of the company’s specialty polymer division, which manufactures industrial and protective coatings and coatings, and for the solutions, aerospace and automotive sectors.

(1 = 0.8630 euros)

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