Nova investing up to $4 billion to meet ‘bold’ ESG goals
Canadian PlasticsEnvironment Materials Recycling Sustainability
The Calgary-based material supplier is investing in sustainable and circular projects to boost its recycling and cut greenhouse gas emissions.
Nova Chemicals Corp. has embarked on what it’s calling a “bold” ESG (environmental, social and governance) campaign, with plans to invest as much as US$4 billion on sustainable and circular projects in order to become “the leading sustainable polyethylene [PE] producer in North America.”
By 2030, Calgary-based Nova plans to generate 30 per cent of its PE sales from recycled content, reduce its Scope 1 and 2 absolute CO2 emissions by 30 per cent, and become a Top 30 company in Canada.
Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy, and by 2050, Nova intends to reach net-zero Scope 1 and 2 emissions.
In a March 22 news release, Nova officials said the company 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). “[We] will also continue to pursue new technologies to abate and eliminate emissions from production processes, such as the development of its proprietary Low Emissions Ethylene Process (LEEP) technology,” the release said.
Nova has also announced a virtual power purchase agreement (VPPA) with Shell Energy for renewable power, marking the first of many opportunities to increase low carbon, renewable energy in its power portfolio.
Nova will also build on its Advanced Sclairtech technology to expand its product portfolio to include new materials, including Astute-brand polyolefin plastomers line. Nova officials said those materials will provide more options for sustainability-focused end markets such as electric vehicles and renewables. Nova has already begun growing its portfolio of recycled and recyclable PE resins through its recent launch of Syndigo-brand recycled PE, which are made from circular polymers to encourage waste and emissions reductions.
In the release, Nova officials said the goal of the program is “to drive the circular economy for plastics, in line with its vision to become the leading sustainable polyethylene producer in North America.”
“Plastic products play an essential role in our daily lives,” CEO Danny Dweik said in the release. “With our renewed purpose of reshaping plastics for a better, more sustainable world, we have developed a clear pathway to become a catalyst for a low carbon, zero-plastic-waste future.”
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