Last, but not least the missing unified quality standards for recycled plastics and also for plastics waste to ensure confident and sufficient use of them also hinders the steps forward to a circular economy. This is not only a Hungarian issue but a general problem in Europe. Therefore, the entire industry expects prompt and accurate regulatory support in this topic with a deeper involvement of the industry players.
MOL Group is very active in the field of Circular Economy. Where do you currently see the biggest obstacles to a globally functioning Circular Economy? What are the most important issues that need to be tackled first for an international seamless Circular Economy?
Körmendi: One of the basic pillars of our 2030+ Strategy is the integration of circular activities into the operation of the whole Group. We have allocated significant resources to the selection and deployment of appropriate technologies to use waste- and bio-based material streams in our production. We have several projects running under the umbrella of circularity, like solvent-based and mechanical recycling, or carbon capture and storage projects that will significantly reduce MOL Group's carbon footprint.
In general, a circular economy should function rather at a local and regional level. Transporting waste for long distances is not energy efficient and does not serve the low-carbon goals. So, the more regional the circular economy is the better. A seamless circular economy needs to go hand-in-hand with product design, so product packaging should be easily recyclable.
In addition, we need technologies that make waste utilization more efficient than it is now. As we believe that waste management is a crucial part of the circular economy, MOL participates in the tender for the Hungarian waste concession and our aim is to make waste management more efficient.
Can you briefly outline what the "Shape Tomorrow" strategy 2030+ of the MOL Group entails?
Körmendi: Our vision is to be a key player in the low carbon circular economy in Central and Eastern Europe. A highly efficient company, providing sustainable materials for the economy, low carbon fuels for mobility and convenient products and services for the people on the move.
Our updated strategy, "MOL GROUP 2030+ SHAPE TOMORROW" focuses on CO2 reduction, efficiency and circular economy. MOL speeds up the transformation in order to become a net-zero CO2 emitter by 2050 and by 2030, half of our CAPEX will be spent on sustainable projects, while 100 percent of spending will be green by 2050.
We will spend one bilion USD in the next five years on new circular economy and green projects. MOL Group aims to convert 1.8 to 2 milion tons of fuels to more valuable petrochemical feedstock by 2030, through two investment cycles using highly efficient technologies and targeted start-up in 2027 and 2030, respectively. Our integrated business model from crude oil production till petrochemicals provides stable long-term profitability and allows us to move into new directions. MOL Group has the capacity, the will and the expertise to shape a sustainable future and to grab the opportunity of the green energy transition. MOL will invest significantly in new, low-carbon businesses to become a key player in CEE in the circular economy by stepping into waste integration and utilization, carbon capture, utilization and storage, advanced biofuel production and hydrogen-related opportunities.