(Reuters] Dow stated Wednesday that by 2030 it will add $3B to core earnings and plans to construct a new facility to produce ethylene derivatives and net-zero carbon emissions ethylene.

DowDupont’s chemicals manufacturer is now part of a growing number of other companies who have made plans to reduce emissions and carbon footprint.

Near-term investment in packaging, special plastics, coatings, and other businesses is anticipated to produce about $2B of additional earnings (EBITDA) before interest, tax depreciation, amortization, and the new complex for ethylene, derivatives, and about $1 billion per year, by 2030.

Dow would have more than tripled its polyethylene and ethylene production capacity at the new plant from Fort Saskatchewan, Alberta. In addition, the company plans to spend about $1 billion per year on capital.

Dow announced that eight additional renewable power purchase agreements were signed across Europe, Americas and Asia to decrease its Scope 2 emission, which is the amount of power an organization uses to operate, by over 600,000.00 tonnes of carbon dioxide equivalent each year.

Dow set last year a goal to become carbon neutral by 2050.

United Nations scientists have stated that global net emissions should be reduced to zero by 2050 if the goal is to reduce the increase in temperature to 1.5 degrees Celsius from preindustrial levels.

Businesses must use net zero plans in order to lower carbon dioxide emissions.