In 2020, ORLEN, as the first oil and gas company in Central Europe, declared the objective of achieving carbon neutrality by 2050. The decarbonisation plans are a key element of the ORLEN Group's business strategy and this is why the company has increased its GHG emissions reduction 2030 targets.
The ORLEN Group intends to strengthen its position as the leader of the energy transformation in Central Europe. By 2030, the concern will invest over 80% of all capital expenditures in transformation projects (green and transitional), which will enable the reduction of climate and environmental impact and opening up to new business models. The Net Zero strategy is based on business pillars in which the ORLEN Group has already extensive experience and a strong market position.
As part of the construction of new business models, ORLEN will focus on the development of low and zero carbon power generation sources, including renewable energy sources, nuclear energy based on small modular reactors (SMR) and the development of gas power and heat generation. The ORLEN Group will also develop hydrogen technologies, expand the electromobility network, increase the production of biofuels, biogas, synthetic fuels, and the petrochemical recycling capacity.
Investments realised as part of the Net Zero strategy will be co-financed, among the others, through sustainable development bonds and green bonds issued by ORLEN on the European capital market.
In the coming years, ORLEN will realise a number of projects increasing energy efficiency, reducing GHG emissions and improving the efficiency of the currently existing refining, petrochemical and upstream assets. The new projects will use the best and most emission-efficient technologies, including carbon capture (CCU and CCS). Methane emissions as well as indirect GHG emissions resulting from the consumption of purchased energy will also be reduced.