Air Products (NYSE: APD) – the company focused on providing essential industrial gases, published its 2022 Sustainability Report on June 7th called “Sustainability in Action”.
The company’s latest report outlines its sustainability goals and shows clean hydrogen and carbon capture technologies are an essential part of its energy transition. Sustainability in Action highlights several world-scale projects that showcase the sustainable future path the company has chosen.
Announced in the past year are the following clean energy initiatives:
- A net-zero hydrogen energy complex in Edmonton, Alberta, Canada that will include a clean hydrogen production and liquefaction facility. The project is scheduled to be onstream in 2024.
- The company teamed with World Energy to build a $2 billion major expansion at World Energy’s Sustainable Aviation Fuel (SAF) production and distribution hub in Paramount, California. The facility is the world’s first commercial-scale plant and will produce 340 million gallons of fuel annually. The project is scheduled to be onstream in 2025.
- Air Products initiated its largest-ever investment in the US – a $4.5 billion clean energy complex in Louisiana. The facility will produce 750 million standard cubic feet per day of blue hydrogen. The project will also be the world’s largest carbon capture for permanent sequestration project, capturing 95% of the process facility’s CO2 emissions. It is scheduled to be onstream in 2026.
As far as the company’s progress towards meeting its “Third by ‘30” goal – to reduce its CO2 emissions intensity by one-third by 2030 from a 2015 baseline is concerned, its industrial gases and technologies enabled its customers in 2021 to avoid 82 million metric tons of CO2 emissions.
That is more than three times Air Products’ combined direct (Scope 1) and indirect (Scope 2) CO2 emissions. Additionally, the company generated 56% of its revenue from sustainable offerings.
The company’s progress towards sustainability is showing how many opportunities are hidden behind the doors of the energy transition. Creating a cleaner future requires industrial and energy companies with available resources to invest efforts towards actionable projects that will make a meaningful difference while also securing future profitability.