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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.
Finding the formula for chemical sector recarbonisation
24/1/2024
8 min read
Feature
Reducing emissions of greenhouse gases is essential for chemical companies to remain competitive. Investing in feedstock sources and conversion technologies can help close the gap to net zero. So writes a team* representing views from McKinsey’s Chemicals Practice.
The drive for sustainability is revolutionising the chemical industry. Our research shows that, as of early 2023, 66% of the largest chemical end users in Europe – including players in the automotive, food and personal-care industries – had committed to reducing greenhouse gas (GHG) emissions by 2030, and 37% have pledged net zero targets by 2050.
Manufacturing chemicals is highly energy-intensive, often resulting in substantial CO2 emissions. The carbon-based nature of many chemicals means they can emit CO2 or methane when incinerated or decomposed during waste management, complicating the chemical industry’s efforts to achieve net zero.
Although there are steps to create greener solutions – such as achieving energy efficiency, carbon capture and storage (CCS), switching to green energy and advanced recycling – these measures alone will not get the industry to net zero.