Amanda Martin and Charlie Tan from the Global Impact Coalition share examples of collective action among industry leaders
Leveraging collaboration to enable a net-zero chemicals future
Amanda Martin and Charlie Tan from the Global Impact Coalition share examples of collective action among industry leaders
As global emissions continue to escalate , driving our climate towards higher temperatures , with dangerous and costly repercussions , industries worldwide are under mounting pressure to adopt sustainable practices and curb their carbon footprint . Among them , the chemical industry stands out for its substantial contribution to global greenhouse gas ( GHG ) emissions , estimated at around 3 gigatonnes / year of CO 2 equivalent . This is roughly 6 % of global GHG emissions .
Whilst the chemical industry bears significant responsibility for the problem , it also plays a pivotal role in the solution . For example , nearly all materials essential for renewable energy production and alternative mobility rely on chemical components . The demand for chemicals and chemically derived materials is projected to surge over the coming decades , further amplifying its already substantial carbon footprint .
The necessary shift towards loweremission manufacturing , alternative fuel usage and increased circularity demands a profound transformation of existing chemical production sites , processes and value chains . However , no single company can achieve this transformation alone . It requires collaboration among industry peers and stakeholders across the value chain to rethink , innovate , co-create , co-invest and scale up new business models and technologies .
Acknowledging this urgent need for collective action , the recently launched Global Impact Coalition ( GIC ) provides a platform
Electrically heated steam cracker furnace at BASF
for collaboration and knowledge exchange among its members and partners . Led by the CEOs of prominent global players in the chemical industry , the GIC facilitates the development of new business models , proof-of-concept pilots and R & D hubs aimed at reducing carbon emissions and advancing circularity within the industry .
Origins & Evolution
The GIC traces its roots back to the Low-Carbon Emitting Technologies ( LCET ) initiative , which was established within the World Economic Forum ( WEF ) in 2019 . Initially conceived as a collaborative effort to address environmental challenges , the LCET initiative recognised the need for greater autonomy and focus to achieve its ambitious goals .
In November 2023 , the initiative was spun-off , led by seven major chemical companies : BASF , Sabic , Covestro , Clariant , LyondellBasell , Mitsubishi Chemical and Solvay ( now split into Solvay and Syensqo ). The transformation to an independent coalition enabled the GIC to sharpen its focus on accelerating the development and adoption of new technologies and business models to reduce GHG emissions and increase circularity , working across the chemical industry and its value chains .
Since becoming independent , the coalition has added new members , including Sabanci Holding , a Turkish conglomerate , and Siemens Energy , a global player in sustainable energy .
48 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981