The chemical industry is a driver of industrial growth and one of the fastest growing global economic sectors, with a growth rate of 1.2 times that of GDP. Polymer production has increased by 50% globally over the last decade. The use of chemical products makes it possible to respond quickly and effectively to global challenges such as the COVID-19 pandemic, thereby contributing to the industrys continued sustainable growth. In recent years, Russian chemical companies have opened up a large number of new production facilities focused primarily on meeting the needs of the domestic market and the import substitution programme for basic chemical products. The projects currently being implemented (Amur Gas Processing Plant, Nizhnekamskneftekhim, Baltic Chemical Complex and Irkutsk Oil Company among others) will make a significant contribution to growth in Russias non-resource non-energy exports. The realization of the sectors potential is being achieved thanks to the governments effective system of long-term incentives. One of the key challenges facing the global and Russian chemical industries, however, is the climate agenda. Thanks to their unique functional characteristics, chemical products play an important role in efforts to protect the environment by reducing resource consumption and carbon emissions compared with products made from traditional materials. On the other hand, tightening environmental state regulations are forcing chemical companies to increasingly redirect their projects towards sustainable development objectives. What strategies are chemical companies pursuing in order to maintain sustainable growth amidst the growing climate agenda? What new technologies are they focusing on? What state support measures can help to secure the successful implementation of projects in the sector and strengthen the Russian chemical industrys competitiveness on the global market?