Yara aim to capture opportunities within shipping, agriculture and industrial applications
Yara, a global firm specializing in agricultural products and environmental protection agents, has announced plans for 500,000 tonnes per annum green ammonia production in Norway, powering emission-free shipping fuels and decarbonized food solutions. At its ESG investor seminar, Yara sets out plans to broaden its core as a leading food solutions company, enable the hydrogen economy, and drive sustainable performance.
Building on its long experience and leading position within global ammonia production, logistics and trade, Yara aim to capture opportunities within shipping, agriculture and industrial applications, in a market expected to grow by 60 percent over the next two decades. Against this backdrop, Yara announces plans to fully electrify its ammonia plant in Porsgrunn, Norway with the potential to cut 800,000 tonnes of CO2 per annum, equivalent to the emissions from 300,000 passenger cars.
To make its vision of zero-emission ammonia production in Norway a reality, Yara is seeking partners and government support. If the required public co-funding and regulatory framework is in place, the project could be operational in 2026. The project would eliminate one of Norway’s largest static CO2 sources and would be a major contributor for Norway to reach its Paris agreement commitments. Yara aims to fully remove CO2 emissions from its Porsgrunn ammonia production and thereby produce emission-free fuel for shipping, carbon-free fertilizer and ammonia for industrial applications.
Among several growths and improvement initiatives, Yara outlines a transformation of its commercial business models, sales channels, and offerings, targeting revenue growth from new online services, outcome-based models and carbon market digital services, with an ambition to add USD 300-600 million new EBITDA by 2025 on top of existing initiatives.
Yara is targeting a 30% reduction in Scope 1 and Scope 2 emissions by 2030, and is committing to establishing Science-Based Targets, based on an industry-shaping collaboration with Nutrien and WBCSD, and supporting a Sectoral Decarbonization Approach analysis for the nitrogen fertilizer industry.
