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Petrochemical Industry's Path to Decarbonization
Here's an article on ING Think.
According to it:
- Direct CO2 emissions from the petrochemical industry rose by 41% between 2010 and 2020, necessitating a 12% reduction by 2030 to achieve net-zero emissions by 2050.
- Companies are exploring biobased feedstocks to decarbonize production.
- Consumer goods companies, like LVMH Beauty and Coca-Cola, are partnering with petrochemical companies for bio-based or recycled plastics. Plastic recycling, especially chemical recycling, is emerging as crucial for achieving circularity.
- Innovations like steam cracking electrification, synthetic petrochemicals with clean hydrogen, and Carbon Capture and Storage (CCS) are being adopted.
Here are some of the other developments done by companies in this sector:
- ExxonMobil is partnering with BASF and Linde on a major carbon capture and storage (CCS) initiative at its Baytown, Texas manufacturing facility. The project aims to annually capture and sequester up to 2 million metric tons of carbon dioxide emissions.
- In a collaborative effort, LyondellBasell and Neste have launched commercial-scale production of environmentally friendly plastics. Their joint venture is now manufacturing bio-based polypropylene and polyethylene using waste and residual oils as raw materials.
- The European Union's Circular Plastics Alliance strives to ensure that 10 million metric tons of recycled plastics are incorporated into the production of new goods by the year 2025.
