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Posted 1 month ago | 3 minute read

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Low-carbon emitting technologies essential for the chemicals industry: WEF

Low-carbon emitting technologies (LCETs) are essential building blocks in the net-zero for the chemicals industry, the World Economic Forum (WEF) has said.

In a report published on 16 May, the WEF noted that low-carbon emitting technologies (LCETs) are important building blocks in the chemical industry’s net-zero transition. But while LCETs offer significant decarbonization opportunities, they face various challenges and depend strongly on favourable policy environments.

In its analysis of policy landscapes for LCETs across seven jurisdictions covering about 50% of global greenhouse gas (GHG) emissions (China, the European Union, Japan, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States) and across five key LCET areas (biomass utilization, carbon capture and utilization, electrification, alternative hydrogen production and waste processing) the study revealed the following insights about existing policy support:

Increased policy ambitions supporting the development and upscaling of LCETs are influenced by a number of globally emerging themes, alongside national or regional approaches, reflecting political and legal traditions as well as strategic considerations.

GridBeyond CEO and Co-founder Michael Phelan said:

“As a cornerstone of the global economy, the chemical industry is tightly interconnected in a complex web of value chains, contributing to all goods-producing industrial sectors, and plays a vital role in the transition towards a global net zero society.

“Many companies in this sector are already innovating and installing LCET to reduce their cost of operations but it is important to note that every area of the chemicals industry differs, from soaps to chlorine, medicines to building materials. GridBeyond works with all areas of the chemical industry to ensure maximum participation in demand side response and energy services without impacting the work, supporting the industry to reduce costs, gain revenues and decarbonise operations”.

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