The environmental impact of chemical contamination and plastic waste is well-documented. The image of plastic on our shores is etched in our memories. Yet, the complexity of the issue is often overlooked. Why is there so much plastic polluting our oceans? Is this a problem of plastic waste or plastic production? Considering the chemicals industry contributes 5 percent of global greenhouse gas emissions, according to the International Energy Agency (IEA), what purpose does this industry really serve?
Over the past four months, I have had conversations with leaders from 75 top chemical companies and associations across the U.S., Europe and Asia to uncover the deep truth behind the role of chemicals in our lives. Every day, you and I use, see, touch, or taste dozens of products that originate from the chemicals industry. If chemicals were to disappear, our quality of life would suffer significantly. While it is a large contributor to greenhouse gas emissions and is having to answer for the harmful chemicals present in our environment, the chemicals industry will be crucial to the energy transition and the next phase of modernity.
This report captures a pivotal moment for this $6.2 trillion global industry (in 2023, according to Markets and Markets) that Lori J. Ryerkerk, chairman, CEO and president of Celanese, says needs to overcome public misconceptions. "Much like the agricultural industry, the ubiquity and essential nature of chemical products are often overlooked or misunderstood by the public. From medical supplies and vehicles to renewable energy infrastructure and everyday electronics, polymers and chemicals are indispensable," highlights Ryerkerk.
This piece will delve into the key challenges being faced by the industry post-pandemic, especially regarding a slowdown in demand and a shift in the geopolitical landscape. Urgent environmental issues, including the growing levels of plastic waste in our oceans and potential water contamination closer to home will be documented.
But it will also focus on the key opportunities for the industry arising from the energy transition as well as the AI revolution. This will include advancements in carbon capture, the growing number of bio-based polymers reaching commercial viability and the increasing penetration of sustainable aviation fuels in the market. Finally, I hope this report will provide you with the right information for you to make more informed, sustainable and healthier choices when you purchase your next product.
This article was done in paid partnership with Newsweek Common Ground Brand Studio and edited by a member of Newsweek staff.
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