German chemical company BASF Group (BFA.L,BASFY.PK) announced Tuesday its agreement with Siemens Energy AG (SMEGF.PK SMNEY.PK) to cooperate in the field of Carbon Management.
As part of a strategic partnership, the companies plan to accelerate commercial implementation of new technologies designed to lower greenhouse gas emissions.
BASF and Siemens Energy have signed a memorandum of understanding for their strategic partnership, which will focus mainly on supporting the chemical company in achieving its ambitious climate targets.
For Siemens Energy, the partnership represents a further key step toward pursuing its strategic goals. These include low-emission or emission-free generation of electricity and heat, transmission and storage of electricity, a smaller carbon footprint and lower energy consumption in industrial processes as well as shaping a sustainable hydrogen economy.
BASF and Siemens Energy will strive to study the pilot projects identified for technical and commercial feasibility as soon as possible.
BASF aims to combine its technological expertise with Siemens Energy's innovative product and services portfolio to lower CO2 emissions in chemical production.
BASF noted that several pilot projects at its Ludwigshafen site are under discussion. BASF's headquarters is one of the largest chemical production sites in the world.
BASF has sought further reduction of greenhouse gas emissions within the scope of its Carbon Management since 2018. Until the year 2030, the absolute level of BASF's emissions is targeted not to exceed that of 2018.
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