We will continue to innovate to achieve our sustainability targets and meet emerging regulations. As we do so, we will prepare for climate change by exploring the Science Based Targets Initiative to evaluate our current greenhouse-gas emissions targets and ensure positive impacts.
We continue to study our climate-related financial risks using the framework developed by the Task Force on Climate-related Disclosures and developing an internal price of carbon to inform strategic decisions.
We believe that no one company can address these issues alone. SABIC is committed to collaborating with its stakeholders across the value chain.
At our new pyrolysis plant in the Netherlands, which should be fully operational by 2021, we work with a number of collaborators to scale up supply of the certified circular polymers. This initiative, combined with a plan to increase recycled plastic, led SABIC to pledge to process to 200 kilotons of recycled plastic in Europe by 2025.
We will continue to apply portfolio sustainability analysis to our chemicals products and develop a portfolio overview.
We continue to see great rewards from innovation. We foresee even greater benefits as we expand our investments in circular economy solutions and our TRUCIRCLE™ initiative. We will continue to transition to renewable energy to reduce CO2 emissions. In working toward these goals, we will help to build a sustainable future.
We continue to see great rewards from our efforts to apply innovation to sustainability.