Decarbonization is just as critical for the chemical industry as it is for others
More than 1,500 industrial companies have officially set themselves the target of achieving net zero emissions by 2040–2045. What’s more, these companies have tripled in number over the past 18 months. <...> Three main strategies are being employed to achieve decarbonization. If one were to generalize, the first amounts to reducing demand for energy resources. This is, essentially, all activity related to energy efficiency, and all aspects to do with the circular economy initiative. The second big area is related to stopping emissions and all steps and initiatives aimed at achieving decarbonization, reducing losses, reducing leakage, and developing technology which will help minimize emissions. And the third big area involves companies replacing raw materials and fuel for a lower-carbon alternative in their immediate operations, — Maxim Ufaev, Partner, McKinsey & Company.
Let’s not forget that the chemical industry, like any other being presented and discussed at Russian Energy Week, is facing a great many challenges. One such challenge is undoubtedly the climate agenda, and petrochemical companies are having to dedicate more time and resources to sustainable development projects. This in turn is creating certain stimuli and certain challenges for the industry. At the same time, the chemical industry and chemical products possess certain unique functional characteristics, and play a key role in fulfilling a number of objectives, including in terms of environmental protection through reducing the consumption of resources and reducing carbon footprints. All of this would be impossible without the chemical industry — Denis Deryushkin, Deputy General Director - Head of Analytical Center, Russian Energy Agency of the Ministry of Energy of the Russian Federation.
Clearly, the petrochemical industry is creating high added value. What’s more, it is not an economic‑rent industry, and therefore, is an exclusively technology-based one, which creates serious value — Anton Rubtsov, Director of Oil Refining and Gas Complex Department, Ministry of Energy of the Russian Federation.