Planet Tracker’s latest analysis reveals critical gaps in BASF’s climate transition strategy. Whilst the company may be on track for a 2°C pathway by 2030, significant challenges remain to achieve the more ambitious 1.5°C target.

Planet Tracker’s report, Tomorrow’s Chemistry, presents a comparative analysis of the Climate Transition Assessments (CTAs) of seven leading chemical companies, Air Liquide (AI), BASF (BAS), Bayer (BAY), Dow (DOW), Incitec Pivot (IPL), LyondellBasell (LYB), and Toray Industries (3402), shedding light on their commitments, strategies and readiness to align with the Paris Agreement and achieve Net Zero emissions by 2050.

BASF has recently upgraded its climate transition plan aligning with some recommendations from Planet Tracker, especially regarding setting (partial) Scope 3 targets. BASF unveiled upgraded targets in December 2023, adding to its mitigation goals to reduce Scope 1 and2, some Scope 3 emissions. Notably, the company plans to decrease specific upstream Scope 3 emissions by 15% by 2030.

An analysis of German multinational chemicals company, BASF, in July 2023 found that the company was failing to meet its stated climate goals of Net Zero emissions by 2050 and was instead relying on unproven future technologies.

EUR 678 billion of investor capital at risk from EU plastic industry’s business-as-usual model

Overcapacity and climate risk are increasing stranded asset risk in the U.S. Plastics Production Corridor.