BASF introduces their NetZero2050 plan. CO2 avoidance potential in electric power and steam production is covered by the “Grey-to-green” and the “Power-to-steam” levers. Other measures are “New technologies,” “Bio-based feedstocks” and “Continuous opex”.
It has been an exciting day that had even more to offer than the presentation of our journey to #NetZero2050. Here are some behind the scenes impressions of our todays #CapitalMarketsDay. All information about #BASF_CMD of @BASF_IR can be found at https://t.co/wF1dlhUiQA pic.twitter.com/MSZiNsiEdt
— BASF (@BASF) March 26, 2021
On this slide, the technology levers to reduce BASF’s CO2 emissions have been added in green.
CO2 avoidance potential in electric power and steam production is covered by the “Grey-to-green” and the “Power-to-steam” levers. CO2 emissions in our upstream and, to a lesser extent, downstream plants are addressed by “New technologies,” most of which we are developing as part of our Carbon Management. In addition, “Bio-based feedstocks” will be used seamlessly in our production – partially replacing fossil feedstocks.
“Continuous opex” will be applied at all levels. These operational excellence measures help us to continuously reduce our CO2 emissions. They have the greatest impact at our Verbund sites.
Let’s talk about our levers to reduce BASF’s CO2 emissions in detail. They will help us reduce Scope 1 as well as Scope 2 emissions on our journey to net zero emissions by 2050. I would like to emphasize that we will develop these technologies in partnerships. This allows us to accelerate or generate additional value together. We have announced partnerships with Siemens Energy, as well as with SABIC and Linde. Further partnerships will follow.
Let me briefly comment on temporary measures. To bridge the periods until new technologies are implemented, we will also consider external offsetting measures to a limited extent. If we purchase certificates, we will only use high-quality criteria for external compensation measures, like the WWF Gold Standard.
Let’s now move on to the lever “Power-to-steam.” This is about capturing the energetic potential of waste heat for steam production.
In Ludwigshafen alone, we release waste heat of up to 30 terawatt hours per year into the air or the Rhine river. We do not currently reuse this energy below certain temperatures. Instead, we cool and release cooling water into the Rhine river.
A dedicated team analyzed the current situation and developed a concept to gradually replace steam production at our co-generation plants with heat pumps and steam compressors. This is technically possible – and our analyses show that in many cases, the economics are viable.
Redeploying waste heat from our chemical plants using electric heat pumps on a scale never seen before – this is something we want to realize together with Siemens Energy, first at our Ludwigshafen site and then globally.