The Collaborative Innovation for Low-Carbon Emitting Technologies (LCET) is the first CEO-led coalition in the chemical industry focused on transformation towards a net-zero and circular future. The initiative aims to put the global chemical sector on path to reach net-zero emissions by mid-century by accelerating the development and upscaling of low-carbon emitting technologies for chemical production and related value chains.
Due to global population growth and expansion of the middle class, it is expected that demand for chemicals and materials will quadruple by 2050 (versus 2010). The chemical industry currently represents around 8% of global greenhouse gas emissions, with annual emissions of 1.5 gigatonnes. 85% of these emissions are energy-related and 15% are process-related. CO2 is emitted at all stages of chemicals production but is concentrated at the beginning of the value chain, in the basic chemicals production.
To achieve carbon neutrality, the chemical industry has to master two challenges:
The chemical industry provides solutions and products to enable the transition to a net-zero future within its own industry and as the nexus to other critical industries.
Considering the complexity of the transition ecosystem and the scale of transformation required, collective deployment of multiple low-carbon technologies will be needed. Increased collaboration with a wider ecosystem (renewable energy, biomass or plastics waste providers), value chain partners (automotive, packaging, construction, etc.), policymakers, and financial institutions will also be necessary.
The LCET initiative is accelerating the development and the upscaling of low-carbon emitting technologies for chemical production through the collaborative implementation of prioritised technologies while addressing technology, regulatory, funding, and market challenges.
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