On September 9, Poland’s largest oil refiner and petrol retailer – PKN Orlen – announced that it had become central Europe’s first oil company to commit to climate neutrality by 2050. The company plans to invest billions in energy efficiency, hydrogen, wind, and solar.
To achieve its “emissions neutrality strategy,” by 2030, PKN Orlen will reduce CO2 emissions from power generation by 33%, as well as emissions from its refining and petrochemical resources by 20%. The company also intends to invest 25 billion zlotys (around $6.5B) in renewable energies and other low-carbon projects by 2030.
Daniel Obajtek, the CEO of PKN Orlen, explained:
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.
According to PKN Orlen, it will focus on “low- and zero-emission energy generation sources, including both offshore and onshore wind power as well as solar photovoltaics” and advanced biofuels. The company also plans to construct a 600 kg/h hydrogen hub in Włocławek, which will give PKN Orlen a leading position on the Polish hydrogen market.
Currently, EU lawmakers discuss a “European climate law” to cement the bloc’s commitment to becoming the world’s first climate-neutral continent by mid-century. Poland is the only EU member country that hasn’t formally committed to the bloc-wide target of reducing emissions to net-zero by 2050. However, the country has recently updated its energy strategy with a goal by 2040.
Obajtek sees the move as a huge opportunity and has revealed a series of “planned acquisitions” to “take full advantage of the new opportunities offered by global energy trends” while “building company value in the long term.”
Alain Mathuren, from FuelsEurope oil refiners’ industry association, said:
There is no business as usual for our industry, and PKN Orlen’s announcement is another example of the industry’s ambition to take decisive climate action.
PKN Orlen’s commitment to climate neutrality is part of a larger plan in the refining and petrochemical sector. In June 2020, European oil refiners outlined a €650 billion ($758B) plan to decarbonize transport fuels by mid-century.
