OIL COMPANY PKN ORLEN TO ACHIEVE EMISSIONS NEUTRALITY BY 2050

September 15, 2020

PKN ORLEN is the first oil company in Central Europe to declare aspiration to achieve emission neutrality by 2050. In order to reach this goal, by 2030 the company will reduce CO2 emissions from its current refining and petrochemical assets by 20% and emissions from power generation by 33% CO2/MWh. The emission neutrality strategy announced by PKN ORLEN is based on four pillars: energy efficiency in production, zero- and low-emission power generation, alternative fuels and green financing.
PKN ORLEN aims to become the leader of the energy transition in Central Europe. By 2030, it will invest more than PLN 25 billion in projects that will facilitate mitigation of its environmental impacts and opening up to new business models. The emission neutrality strategy is based on the business pillars in which PKN ORLEN already has extensive experience and a strong market position.
“The carbon-neutral strategy we have presented is a landmark defining our approach to doing business in the coming decades. The global energy transformation that is taking place before our eyes is a huge development opportunity for Central Europe. As the largest company in the region, we want to increase our involvement in this process and we are well positioned to do it. In recent years, we have strongly developed in new business areas, and we are a leader of consolidation in the Polish energy and fuel sector.
Once completed, our planned acquisitions will allow us to take full advantage of the new opportunities offered by global energy trends and consistently build company value in the long term,”
said Daniel Obajtek, CEO of PKN ORLEN.
The contemplated projects include both activities geared towards emission efficiency improvements in the current business areas and development of new business segments. Within ten years, the company will implement more than 60 projects to increase the energy efficiency of its existing refining and petrochemical assets. The new downstream projects will use the best and most emission-efficient technologies. PKN ORLEN also intends to strengthen its position as a regional leader in biofuels by implementing five significant investment projects related to biofuels, including: HVO, co-HVO, UCOME, lignocellulosic bioethanol and bio-methane. The projects are expected to increase the company’s annual biofuel output by some 500,000 tonnes by 2030.
The focus of the company’s efforts designed to build new business areas will be on the development of low- and zero-emission energy generation sources, including both offshore and onshore wind power as well as solar photovoltaics. The ORLEN Group will also develop hydrogen technologies and expand its distribution network for alternative fuels. The funding for the projects to be implemented under the carbon neutrality strategy will be partly obtained through the issuance of Green and Sustainable Bonds by ORLEN Group on the European capital market.
PKN Orlen is an oil refiner and petrol retailer based in Plock, Poland. The corporation is a significant European publicly traded firm with major operations in Poland, Czech Republic, Slovakia, Germany, and the Baltic States as well as an operation in Canada.
(Source and image: Orlen)