S&P Global
Summary
Chemical products and innovations act as enablers of energy transition as advanced materials for lower-emissions technologies like advanced battery storage and solar and wind power. But the fact remains that the chemical industry is also a massive industrial manufacturer based almost exclusively on hydrocarbon-based feedstocks with large energy needs, making its decarbonization path complex and reliant on cutting-edge—and sometimes even nascent—technologies. And with climate progress well off the pace necessary to meet the Paris Agreement goals, there is growing sentiment that more funding and policy support should center on the industries that are by nature the hardest to abate.
For its part, US chemical makers are focusing on reducing emissions through combined heat and power and other process efficiency technologies; lower-emissions hydrogen; carbon capture, utilization, and storage; and advanced recycling of plastics while looking ahead to advanced nuclear and process electrification, Franklin said. ACC members reported that 25% of their capital budgets are allocated toward sustainable manufacturing.
Continue Reading
#News#CHP