CHEMICAL MANAGEMENT, PRODUCTS AND TECHNOLOGIES
Businesswire | March 27, 2023
New Energy Risk a wholly owned division of Paragon Insurance Group, and Green Circle, a wholly-owned division of Lummus Technology, announce a strategic partnership in which NER will serve as the preferred insurance supplier for Green Circle’s advanced waste plastic recycling technology.
Upon completing a thorough due diligence process, NER is prepared to provide technology performance insurance solutions to plant owners and operators who license Green Circle’s advanced waste plastic recycling technology. Since 2013, NER’s performance insurance has enabled the financing of over $3 billion for development of new and renewable clean energy technologies and other circular economy projects.
“NER provides an extremely valuable service to project owners looking to deploy early-stage technologies at scale through project finance,” said Greg Shumake, Managing Director of Green Circle. “They thoroughly evaluated our advanced waste plastic pyrolysis technology and are confident in its commercial viability. And as a result, it will be easier for our clients to develop bankable projects to drive a more circular economy.”
The waste plastic pyrolysis technology uses a thermochemical process for turning end-of-life plastics into a high-quality product that can be used to reduce the carbon intensity in the production of both transportation fuels and circular plastics. Green Circle is working across the sector, from Fortune 500 companies to independent project developers, to deploy technologies that close the loop of the plastic product lifecycle.
“Green Circle’s advanced waste plastic pyrolysis technology has been developed with a level of expertise and discipline that is rare,” said Brad Price, Managing Director of Technical Due Diligence at New Energy Risk. “We are proud to help accelerate the adoption of this technology by providing assurance to owners and investors that this technology will perform.”
Green Circle concentrates and expands Lummus Technology’s capabilities to capture new opportunities in the energy transition and circular economy. Green Circle is a leader in providing economically and technically sound solutions to: process solid wastes containing plastics; process various renewable bio-based feedstocks to value-added chemicals, polymers and fuels; decarbonize refinery and petrochemicals assets; and expand production of blue hydrogen and biofuels.
About Lummus Technology
Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide.
CHEMICAL MANAGEMENT, PRODUCTS AND TECHNOLOGIES
businesswire | March 24, 2023
Under its sustainability program ‘reduce’, the global chemical company OQ Chemicals has reduced its carbon dioxide (CO2) emissions by 10% at its Bay City, Texas production site in 2022, compared to the previous year's averages. To achieve this, the company carried out a dedicated boiler and flare improvement project to optimize the flow of vent gases from chemical production units and to further improve the combustion process. Project progress was tracked for 2022, and demonstrated improved production process stability and subsequently reduced emissions.
“Reducing greenhouse gas emissions is crucial to addressing the urgent issue of climate change. OQ Chemicals has made a significant contribution to this global effort by reducing its emissions at Bay City by 10%. This success was made possible through the excellent collaboration of our dedicated teams from the Engineering and Operations departments. The project aimed to improve boiler controls, enabling increased consumption of vent gases for energy recovery and reduced flaring, and included equipment improvements in the utilities area,” said Kevin Hunt, OQ Chemicals Director of Maintenance and Technical at Bay City, Texas.
OQ Chemicals’ company-wide strategic program ‘reduce’ aims to significantly reduce greenhouse gas emissions over the next years, with the ultimate goal of becoming climate neutral by mid-century. The boiler and flare improvement project falls under Scope 1, which encompasses direct emissions from production activities. With the reduce program, OQ Chemicals tackles all scopes of emissions, including indirect Scope 2 and all relevant Scope 3 emissions.
“Our ‘reduce’ program takes a comprehensive approach that will eventually cover all scopes of our greenhouse gas emissions, as we’re committed to reducing our carbon footprint across all aspects of our operations. While the ‘reduce’ program currently comprises over 200 projects and initiatives with short-, mid- and long-term goals, the success of the boiler and flare improvement project marks a significant milestone on the path of our sustainability approach,” commented OQ Chemicals CEO, Dr. Oliver Borgmeier.
About OQ Chemicals
OQ Chemicals is a global manufacturer of Oxo Intermediates and Oxo Performance Chemicals such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These are used to produce high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, printing inks, and plastics. OQ Chemicals employs more than 1,400 people worldwide and markets its chemicals in more than 60 countries. The company is part of OQ, an integrated energy company originating in Oman.
CHEMICAL MANAGEMENT, MARKET OUTLOOK
Globenewswire | March 23, 2023
NOVA Chemicals Corporation 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 sales[i] from recycled contet;
Be at the forefront of decarbonization by reducing its Scope 1 and 2 absoute CO2 emissions by 30 per cent[ii]; and
Become a Top 30 company in Canada.
Outlined in NOVA 2030: Our Roadmap to Sustainability Leadership, NOVA Chemicals has also shared its aspiration to reach net-zero Scope 1 and 2 emissions by 2050.
“NOVA’s Roadmap to Sustainability Leadership details a strong plan forward for the company to become the leader in sustainable polyethylene production while building on our commitments to developing innovative solutions for our customers, enabling the circular economy, and being a responsible steward of our environment,” stated Danny Dweik, CEO. “Plastic products play an essential role in our daily lives. 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.”
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, 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. The company will also continue to pursue new technologies to abate and eliminate emissions from its production processes, such as the development of its proprietary Low Emissions Ethylene Process technology.
The company 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.
Today’s announcement builds upon NOVA Chemicals’ long-standing commitment to developing innovative solutions for its customers while enabling the circular economy and preparing for and responding to a changing world. NOVA’s approach to managing its material ESG topics including Responsible Care® and its commitment to the environment, health, and safety, can be found in its annual ESG report.
About NOVA Chemicals Corporation
NOVA Chemicals aspires to be the leading sustainable polyethylene producer in North America. Our driving purpose is to reshape plastics for a better, more sustainable world by delivering innovative solutions that help make everyday life healthier and safer and acting as a catalyst for a low carbon, zero-plastic-waste future. NOVA Chemicals’ innovative and quality product offerings, value chain collaboration, and unique customer experience is what sets us apart; our customers use our products to create easy-to-recycle and recycled content films, packaging, and products.