Corrected: Canada’s NOVA plans $2-4bn in sustainable investments

HOUSTON (ICIS)–NOVA Chemicals plans to invest $2bn-4bn in such areas as sustainable products, decarbonisation and mechanical recycling as part of its plan to become a top 30 company in Canada and to reach net-zero carbon emissions by 2050, the polyethylene (PE) producer said on Wednesday.

As part of this plan, NOVA wants to reduce Scope 1 and Scope 2 absolute emissions of carbon dioxide (CO2) by 30% by 2030 and to derive 30% of its PE sales from recycled content by 2030.

NEW PRODUCTS, NEW ETHYLENE PROCESS TECH
NOVA is developing a proprietary technology that it has called Low Emissions Ethylene Process (LEEP). It had discussed a low-carbon cracking technology in an earlier interview with ICIS.

The Calgary, Alberta-based company plans to further develop its Advanced SCLAIRTECH technology (AST), and it is developing new materials.

This includes the company’s first ASTUTE polyolefin plastomers line.

Meanwhile, NOVA recently launched its SYNDIGO line of PE made with recycled content.

It will also explore new chemical-recycling technologies. The company is working with Enerkem to develop a chemical recycling technology.

SUSTAINABILITY STRATEGY
NOVA plans to reach these sustainability goals by using energy more efficiently as well as electrifying processes and using renewable energy to power those processes. NOVA also wants to explore using hydrogen and carbon capture, utilisation and storage (CCUS).

Image by Shutterstock.