Decarbonizing the Chemicals Industry, Virtual Conference

The European Union (EU) targets to achieve climate neutrality by 2050. The pursuit of a net-zero greenhouse gas (GHG) economy is central to the European Green Deal and is consistent with the EU’s commitment to global climate action under the Paris Agreement.

Leading chemical companies have set ambitious net zero targets to align their business models with the goals of the Paris Agreement, and have taken steps to reduce their own carbon footprint while encouraging low-carbon technology innovation. These initiatives range from electrifying steam crackers to carbon capture and storage/utilisation (CCS/CCU) and circular economy projects.

For the chemicals industry to transition to a low-emissions future, innovative technologies & fundings among others are necessary to achieve their ambitious decarbonization goal.

In July 2021, EU proposed a series of carbon pricing reforms as part of its ‘Fit for 55 Package’.

The focus of the reforms is on tighter emissions caps, expanded Emissions Trading System (ETS) coverage, and a new Carbon Border Adjustment Mechanism (CBAM). What is the impact of the reforms on the chemicals industry and global export markets?