The joke is that the guy in the meme hates yellow chemistry (yellow compounds) and failed polymerization(I think that's the specific reaction) reactions which basically makes tar.
And yes, the description in the meme is very accurate.
The gentleman pictured is one Mr. Thomas de Prinse of the Explosions&Fire YouTube channel. He recently finished up a synthesis of dimethyl cubane-1,4-dicarboxylate. While this is impressive feat to accomplish with hardware store chemicals in a shed, it is not novel or groundbreaking enough to warrant a Nobel Prize.
Someone has then created this portrait of him, replicating the style often used in Nobel Prize announcements (see this year's as an example), with a few differences, such as misspelling 'Nobel' as 'Noble', substituting 'Swedish' for 'Swiss', and writing 'This is a work of satire.' down the side.
Right, thank you! Yeah mainly needed help on the YT backstory and the chemistry, the premise of the joke I got, I could have been clearer. Anywho, grade A content my dude(ette)!
For completeness Olivia Vert made it for the Journal of Immaterial Science (also the Barbenheimer one, and some others but I think they only shared those on Reddit)
Imagine the most stereotypical Australian you can. Now imagine he has a PhD in chemistry but no money for a lab, so does all his work out of a literal tin shed full of spiders using stuff he found at the hardware store