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GIC's Net-Zero Initiative in the Chemical Industry
According to an article by Plastics Today:
- The Global Impact Coalition (GIC) is a group led by CEOs in the chemical industry, incubated and hosted by the World Economic Forum. It is committed to achieving net-zero emissions by 2050, focusing on addressing significant greenhouse gas emissions and promoting sustainability within the sector.
- Supported by major companies like BASF and Sabic, the GIC is launching projects aimed at recycling plastics and developing low-carbon technologies to drive decarbonization efforts.
- The GIC is under the leadership of CEO Charlie Tan
What other initiatives are currently being undertaken in the chemical industry? What do we need to know about the current state of the chemical industry? Here are some key insights:
- An investment of €1 trillion is required to achieve the 2050 Green Deal goals in the chemical industry, as per research done by Accenture & NexantECA
- Covestro has a €15 million CO2-to-polyols plant at Dormagen, Germany, producing 5,000 tons of polyether polycarbonate polyols, according to CHEManager
- BASF invested nearly $22 million into Norway-based Quantafuel, to develop Quantafuel’s technology for chemical recycling
