SIBUR will plant this year more than one million trees in five regions of Russia where it operates, increasing this number to at least five million by 2025. The Company may also start issuing carbon credits at a carbon monitoring site in the Voronezh Region in central Russia.
The launch of the Green Formula comes as SIBUR pursues a business expansion in South-East Asia in support of the Company's long-term development. SIBUR sees particular growth potential for South-East Asia as the region goes ahead with its green agenda as part of the world-wide initiative to reach carbon neutrality in future. This synergizes with SIBUR's robust sustainability goals, including the Company's push to increase production of environmentally friendly products and boost the share of renewable feedstock in output.
During the current year, SIBUR will partner with the forestry units of local schools in Russia to plant 500,000 seedlings in central Russia and the Far East. Another 500,000 seedlings will take root at the carbon monitoring site set up by SIBUR and the Voronezh Region's government. The Green Formula site will occupy 155 hectares in 2022 and will be expanded to more than 2,600 hectares in the future. SIBUR is considering this site as the location for a pilot project on issuing carbon credits.
SIBUR is Russia’s largest integrated petrochemical company and one of the fastest growing global petrochemical players, with approximately 50,000 employees. The Company’s unique vertically integrated business model enables it to deliver highly competitive products used in the consumer goods and automotive industries, as well as construction, energy, chemistry and other industries across 100 countries.
SIBUR helps to reduce CO2 emissions stemming from the burning of oil and gas extraction by-products by processing them into valuable petrochemical products.
Learn more at:
The issuer is solely responsible for the content of this announcement.