Internal carbon pricing tools enable organizations to build financial models into climate scenarios, track performance against key emissions targets, and align operational strategy with segmented targets built on emission pathways. These include: The development of a GHG inventory There are several ways in which the chemical industry and its manufacturers can manage CO2 emissions. How Can the Chemical Industry Manage CO2 Emissions? IEA projections to 2025 show that methanol production capacity will expand in the Asia-Pacific area in particular, thanks to the widespread availability of cost-effective feedstock. It’s also used for fuel production and as an ingredient in the production of high-value chemicals, particularly when the availability of oil for feedstock is low. Methanol is widely used in the production of formaldehyde, which in turn is used to produce a range of specialized coating mediums and plastics. Between 20, the production of methanol grew by an average of 7% per annum. This chemical demand grew at an average rate of 3.5% per annum between 20.ĭemand for methanol is currently the fastest-growing for any primary chemical, despite demand dropping by 7% in 2020 due to the Covid-19 pandemic. This demand for plastics leads to demand for many high-value chemicals from which these plastics are manufactured. In certain developing regions, demand for plastics is expected to gain momentum considerably. Large plastic end-use sectors like the construction, automotive and packaging sectors are driving this demand. While capital spending in the US will rise by 12.3% to $34.5 billion in the same year.ĭemand for plastics is also rising rapidly and will continue to grow in the foreseeable future. Specialty chemicals are also expected to grow by 6.2% in 2022 due to strong demand. The largest increases will be seen in organics, plastic resins, inorganic chemicals, and bulk petrochemicals. Basic chemicals will experience a growth rate of 4.3% in 2022. American Chemistry expects chemical output to rise by 4.1% in 2022 and a further 2.4% in 2023, while shipments are expected to grow by 9.6% in 2022 and 3.4% in 2023. They’ll then decrease to around 10% below 2020’s levels by the year 2030, rising demand notwithstanding.Ī Deloitte analysis also notes that the chemical industry’s projected growth would lead to a doubling of the sector’s GHG emissions over the next 30 years if abatement solutions are not implemented.Ĭhemical output in the US is expected to enjoy its strongest year in over a decade in 2022, with growth displayed across all sub-sectors. While this represents a 2.3% decrease over 2019’s emissions, according to the Net Zero Emissions by 2050 Scenario, primary chemical production emissions will peak over the coming few years. Roughly half of the chemical industry’s energy input is used as feedstock, the GHG emissions of which are produced in many other sectors.ĭirect CO2 emissions resulting from primary chemical production activities amounted to 920 Mt CO2 in 2022. It’s also the third-largest industry sub-sector producer of direct CO2 emissions, closely following the steel, cement, and iron sectors. The chemical industry is by far the largest industrial consumer of gas and oil. ![]() ![]() ![]() Current CO2 Emissions in the Chemical Industry They can do this by accelerating low-carbon innovation strategies, adopting new technologies, and working across value chains to deliver lower-carbon solutions and products. Plus, the industry’s continuous international growth poses yet another challenge to the question of managing CO2 emissions in the chemical industry.Ĭhemical and material producers need to address these growing emissions. The US chemical industry’s CO2 footprint is over 200 million metric tons of carbon dioxide equivalent per annum. The need to create a more sustainable global chemical sector is now imperative.Īccording to data from Deloitte, the chemical industry emits more than two gigatons of greenhouse gases per year on a global scale. ![]() As the chemical industry seeks to address climate change in line with science-based guidelines and targets, world-class engineered solutions and decarbonization strategies are required. This has created an industry with a significant carbon footprint that continues to grow alongside demand. However, its foundations are built, in part, on abundant fossil energy and hydrocarbon feedstocks. The chemical industry plays a crucial factor in life as we know it today.
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