Air Liquide Bets on Multi-Year PPAs for Decarbonization
As part of its low-carbon electricity procurement program, Air Liquide reports that 2025 has been marked by the launch of production totaling 3 TWh per year from multi-year power purchase agreements (PPAs).
This proactive approach is particularly focused on regions with highly carbon-intensive electricity grids, such as China and South Africa. In 2025, the industrial gas group also signed its first PPAs in India.
Since 2020, as part of its Climate objectives, Air Liquide has signed PPAs representing a total reduction of CO2 emissions by 3.5 million tonnes per year, with full ramp-up expected by 2027.
Low-carbon electricity now accounts for more than 40% of the group's purchased electricity, serving as a decarbonization lever alongside asset management to reduce energy consumption, as well as carbon capture and storage.
Furthermore, the electrification of the Shaanxi ASU (China), announced in December 2025, combined with a supply of low-carbon energy, is expected to reduce the group's annual emissions by approximately 550,000 tonnes.
L'Air Liquide is one of the world leaders in industrial and medical gas production. Net sales break down by activity as follows:
- industrial and medical gases production (96.8%): oxygen, nitrogen, hydrogen, synthesized gases. The group also supplies control equipment and services for fluid systems, gas and liquid chemical management, home care and hospital hygiene services, and operating room equipment. Net sales break down by market as follows: industries (73.8%), healthcare (16.8%) and electronics (9.4%);
- other (3.2%): engineering activities related to gas production plant construction and high-tech product manufacturing.
Net sales are distributed geographically as follows: France (12.1%), Europe/Middle East/Africa (29.3%), the United States (33.4%), Americas (5.7%) and Asia/Pacific (19.5%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
