The Inlandsis Fund secures key collaboration with Solvay for groundbreaking greenhouse gas emission reduction projects
Montréal, April 8th, 2024 – Solvay, a global leader in essential chemicals, and the Inlandsis Fund, a sustainable investment fund based in Quebec, Canada, have entered into a long-term agreement to collaborate on two industry-leading greenhouse gas reduction projects at Solvay’s Green River, Wyoming, USA, soda ash plant.
Carbon finance collaboration contributes towards large-scale greenhouse gas reductions at Solvay’s soda ash plant in Wyoming.
The new collaboration will leverage Inlandsis’ environmental markets expertise and financial capacity to support Solvay in the execution of significant greenhouse gas emission reduction projects, in line with its carbon neutrality ambition.
The collaboration will build off Solvay’s present investments to decarbonize its Green River, Wyoming complex where Solvay mines trona, a mineral which occurs in evaporite deposits. Solvay processes trona to produce soda ash and sodium bicarbonate. Inlandsis’ support will focus on Solvay’s trona mining greenhouse gas reduction projects, including the first ever application of regenerative thermal oxidation (RTO) technology in the soda ash industry, which Solvay expects to commission in 2024.
Solvay’s essential chemicals are part of our daily life, and their growing demand is supported by sustainable megatrends such as electrification and renewable energy. Soda ash is used to produce lithium carbonate for EV batteries and to manufacture photovoltaic glass. Moreover, some of Solvay's sodium bicarbonate-based solutions are used to remove air pollutants from exhaust gas, serving power plants and other industries.
Matteo Paperini, Solvay's project director shared, “These projects demonstrate how Solvay turned its commitment for a carbon-neutral future into action through disruptive innovation and significant investments. The collaboration with Inlandsis allows Solvay to enhance the sustainability profile of its essential businesses, delivering massive emission reductions while improving their economic performance.”
The Inlandsis Fund Managing Director Jamie Callendar said, “Inlandsis is very grateful for the opportunity to support Solvay in its decarbonization journey at Green River, and to provide our expertise in environmental markets to add value to these industry-leading greenhouse gas reduction projects. It is inspiring to see a sustainability leader like Solvay make such material capital investments to deploy first-of-kind technology to decarbonize the production of the soda ash and mineral products that are essential building blocks for critical energy transition industries, including EVs, solar panels and air pollution control systems. Based on Inlandsis’ review of carbon market compliance projects in the mining sector, we believe this investment will be the largest greenhouse gas reduction initiative of its kind to date in North America.”
About Solvay
Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of over 9,000 employees. Since 1863, Solvay harnesses the power of chemistry to create innovative, sustainable solutions that answer the world’s most essential needs such as purifying the air we breathe and the water we drink, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay’s unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.9 billion in 2023 net sales, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit www.solvay.com or follow Solvay on Linkedin.