MOL Group Announces Bold Strategy Update for a Sustainable and Self-Sufficient Future

MOL Group Announces Bold Strategy Update for a Sustainable and Self-Sufficient Future

(IN BRIEF) MOL Group has updated its long-term strategy, “SHAPE TOMORROW,” aiming for carbon neutrality by 2050. The plan includes over $4 billion in green investments by 2030, focusing on renewable energy, efficiency improvements, and waste management. The company also aims to achieve $1 billion in annual EBITDA from consumer services by 2030, with an expanded network of service stations and e-charging facilities. MOL Group’s strategy emphasizes sustainability, energy security, and regional competitiveness.

(PRESS RELEASE) BUDAPEST, 27-Aug-2024— /EuropaWire/ — MOL Group has unveiled a significant update to its long-term strategy, emphasizing a smart transition towards carbon neutrality by 2050. The updated plan, named “SHAPE TOMORROW,” focuses on bolstering the region’s energy security, enhancing sustainability, and driving economic competitiveness through innovative technologies and renewable energy investments.

The company plans to invest over $4 billion in green initiatives by 2030, including projects in renewable fuels, green hydrogen, biomethane, and geothermal energy. MOL Group will also enhance its refining capabilities with $150 million in efficiency improvements, while simultaneously expanding its waste management business to provide feedstock for the regional oil, chemical, and energy sectors.

In the consumer services sector, MOL Group aims to achieve $1 billion in EBITDA annually by 2030, with plans to expand its network of service stations and e-charging facilities across Central and Eastern Europe. The company’s waste management efforts are set to play a key role in the circular economy, with a target of recycling 65% of waste by 2035.

MOL Group’s CEO, Zsolt Hernádi, highlighted the importance of this strategic shift, stating, “Our goal is to make the region greener, more self-sufficient, and competitive. We are committed to leading the energy transition while ensuring the security of supply and creating value for our shareholders.”

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SOURCE: MOL Group