Sustainability starts with reducing the environmental impact of our own operations. It also entails supplying value-added products that benefit customers and help them reduce their environmental impact. Both must be done in a manner that delivers attractive returns to shareholders while benefiting society.
These three dimensions of sustainability underpin ExxonMobil’s disciplined long-term approach, which our new project in Baytown illustrates.
Reducing environmental impact has been an ongoing strategy at Baytown. Over the past decade, the site has invested over $1.3 billion in environmental improvements, reducing NOx and VOC emissions by more than 50 percent and achieving double-digit improvements in energy efficiency. The new cracker project will be contained within the site’s existing footprint. State-of-the-art environmental technology will maintain total site emissions within existing permitted levels.
The project will produce value-added products for our customers, including stronger, lighter, lower-cost packaging solutions with reduced environmental impact. These advanced polymers are the product of ongoing company research that has reduced film thickness by two percent per year for the last 20 years.
Benefiting shareholders and society is the third dimension of sustainability. Our unique Baytown project will be a win-win for ExxonMobil and the Greater Houston area. Returns will be sustained over the ups and downs of the business cycle through both leading-edge technologies and integration with our refining and natural gas businesses, providing unmatched scale and a 100 percent premium product slate.
The Greater Houston area will benefit from an estimated 10,000 jobs at the peak of construction. The multiplier effect of new economic activity created by the facilities would add 3,800 other jobs in the area and increase regional economic activity by $870 million per year.
The bottom-line is that sustainability is good business, benefitting the environment, customers, shareholders and society. It’s the strategy for a sustainable future in the global chemical business.