The company has said it is creating a new “Third by ‘30” carbon dioxide emissions intensity goal under Scope 3 emissions, adding to its Scope 1 and 22 goals to reach Net Zero in its operations by 2050, which it says will bring its total commitment to first mover projects to $15bn through 2027.
To meet its ambitious targets, the gas major says it has identified tangible transition plans for new investments and modifications to existing assets, including low and zero carbon hydrogen and carbon capture technologies.
Additionally, Air Products will continually increase the use of renewable energy, convert its fleet of around 2,000 trucks to hydrogen fuel cell vehicles, and implement additional actions.
Seifi Ghasemi, Chairman, President and CEO of Air Products, said, “These commitments complement and reinforce our growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey.”
“Air Products is uniquely positioned to bring together its portfolio of technologies and legacy of experience to ensure the future climate benefits generated by our first-mover projects come online at a crucial moment in the energy transition.
“We continue to see significant opportunities for hydrogen and carbon capture technologies, and our industry-leading $15 billion capital commitment is further demonstration of sustainability being at the heart of our business and growth.”
Air Products has already committed over $11bn to zero and low-carbon hydrogen projects to drive the energy transition. The company predicts over its projects’ lifetime, 500 million tonnes of carbon dioxide equivalent emissions will be eliminated.