3/26/2021, 11:40 AM (Source: TeleTrader)
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Chart for: BASF SE NA O.N.

BASF to invest up to €4B by 2030 to cut emissions

BASF SE, the world's largest chemical company by sales, announced on Friday a roadmap to reducing emissions and becoming carbon neutral by 2050.

To that goal, the German firm will invest up to €4 billion into new technologies with the aim of cutting greenhouse gas emissions by a quarter before the end of the decade. However, the company said that most of the new tech isn't expected to provide full benefits before 2030 due to it currently being only in the pilot stage.

"The new climate goals underscore our determination and BASF's commitment to the Paris Climate Agreement. Climate change is the greatest challenge of the 21st century. In response, we must adapt our processes and our product portfolio," Chairman Martin Brudermueller stated in the press release.

Baha Breaking News (BBN) / MD