Chemical Industry Can Boost Net Zero Transition

Environmental services firm SystemIQ’s ‘Planet Positive Chemicals’ report says the global chemical industry could play a “crucial role” in the net zero transition. The report, published in collaboration with the Center for Global Commons, suggests that a circular net zero transition could see the chemicals sector more than double in growth by 2050, as well as enabling other sectors – including shipping and energy storage – to transition to net zero. SystemIQ’s projections find that the sector’s reduction of Scope 1-3 emissions could still “realistically align” with the Paris Agreement’s goals, noting that the transition could create as many as 29 million new jobs, with 11 million of those directly in the chemical industry. It highlights new manufacturing approaches based on bio-based feedstock and direct air captured carbon dioxide, which presents a “technically feasible pathway” for the non-ammonia chemical sector to become a “carbon sink” that would annually absorb 500 million tonnes of CO2 by 2050. The report said: “[This aims to] be a starting point for key decision-makers to align around a common set of facts, challenges and potential solutions by shedding light on uncertainties around future demand and technology for net zero chemicals. The biggest risk of all is inaction.” 

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