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European industry is becoming increasingly vocal regarding the challenges it faces in decarbonising production while remaining competitive, a view supported by a recent think-tank report.
“The European Union needs to urgently create the conditions necessary to accelerate the industrial transformation if it wants to become carbon-neutral by 2050,” said Patrick Graichen, executive director of Agora Energiewende, a German think-tank.
“It has only one investment cycle left to do so,” he added, also pointing out that carbon emissions in the industrial sector merely decreased by 5% between 2010 and 2018.
“It’s about where the future of the competitiveness of the EU economy and many prosperous businesses lies,” said Eliot Whittington, director of CLG Europe at an event last week (11 May) where political leaders came together with members of the industry and think tanks to discuss how to scale up demand for climate neutral basic materials and products.
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.