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Nova Chemicals’ Vision for the Plastics Circular Economy
The company will invest $2 to $4 billion by 2030 to expand its sustainable product offerings, decarbonize assets, and build a modern mechanical recycling business.
March 22, 2023
3 Min Read
Nova Chemical employees at the Moore, Ontario, plant, which has a capacity of 840 million pounds of polyethene yearly.Nova Chemicals
Nova Chemicals Corp. today revealed Environmental, Social, and Governance (ESG) ambitions to drive the circular economy for plastics. The strategy aligns with its vision to become the leading sustainable polyethylene producer in North America. In summary and 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% of polyethylene sales from recycled content;
Be at the forefront of decarbonization by reducing its Scope 1 and 2 absolute CO2 emissions by 30%; and
Become a Top 30 company in Canada.
“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,” says 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.”
Nova Chemicals has previously reported its aspiration to reach net-zero Scope 1 and 2 emissions by 2050.
Plans include a state-of-the-art mechanical recycling business and new advanced recycling technologies.
Nova Chemicals anticipates investing $2 to $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 SclairTech technology (AST), the company will explore expanding the 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, would 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 (rPE) shown below, a new portfolio of products made from circular polymers to encourage both waste and emissions reductions.
One of the first products announced two weeks ago is Syndigo rPE-0860, a lower-emission, mechanically rPE resin for converters and brand owners to use in food packaging. It is sourced from natural high-density PE (HDPE) milk jugs and is ideal for various types of flexible and rigid food packaging. It’s claimed as the first FDA-compliant, mechanically recycled HDPE.
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 (CCUS). 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 (LEEP) 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.
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