Oil giant Royal Dutch Shell has revealed that it plans to turn 1 million tonnes of waste plastic into new chemicals by 2025.
As part of its plan for net-zero emissions, Shell has revealed where it will be making investments including investment in electric vehicle charging, hydrogen fuel and providing electricity.
However, it also announced that it intends to invest $4 billion (£2.87 billion) to $5 billion (£3.58 billion) in its Chemicals and Products division each year.
As part of this, the company wants to create circular chemicals from plastics waste.
Royal Dutch Shell chief executive Ben van Beurden said: “We will produce virgin chemicals from recycled waste, known as circular chemicals. By 2025, we are aiming to process 1 million tonnes a year of plastic waste in this way.
“This move to sustainable and performance chemicals brings us closer to the end customer. It will help us evolve our portfolio from commodity chemicals to products priced on the value they bring to the end consumers.
“In this way, we start to delink our business results from the commodity cycle, reducing our exposure by around 70% by 2030.”