Despite carbon prices hitting a record-breaking €50 per tonne on Tuesday (4 May), the chemical industry says additional measures are needed to support the transformation to a net-zero economy.
“The ETS is not enough … we need contracts for difference,” said Brigitta Huckstein of BASF, the largest chemical producer in the world, speaking at a webinar on Wednesday (5 May) hosted by the European Chemical Industry Council (CEFIC).
“Rapid acceleration of innovation … will need public support,” said Florie Gonsolin, director of climate change transformation at CEFIC.
Gonsolin warned that the next decade will be critical in demonstrating that a carbon neutral transition in the chemical sector can be a reality.