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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Cleaning up: petrochemicals’ path to decarbonisation
29/6/2022
19 min read
Petrochemicals production could be decarbonised significantly by investing an extra $759bn by 2050, according to a new report from BloombergNEF (BNEF). Key technology initiatives are underway, but net zero deadlines are tight. Brian Davis reports.
Electrification and carbon capture and storage (CCS) are set to play significant roles in reducing emissions from the production of high-value chemicals (HVC), which are key feedstocks to make plastics and many manufactured goods. HVCs are said to be responsible for up to 2% of global emissions, equivalent to the aviation sector and double the aluminium industry’s contribution.
There is a global push for the petrochemicals industry to cut its emissions by 2050, driven by governments, the International Energy Agency (IEA) and corporate net zero commitments. Despite facing a more complex decarbonisation path than nearly any other sector, petrochemical players’ net zero targets cover more of the global manufacturing capacity than other heavy emitters like the steel and cement industries.
The BNEF report Decarbonising petrochemicals: A net zero pathway outlines a pathway to low-emissions chemicals and describes how a combination of falling CCS and electrification costs could reduce emissions to net zero, even while total petrochemical production grows significantly.