Summary: Share Action has recently published a report we wrote for them on the financial case for decarbonising the Chemicals sector. We all know this is a challenge we need to fix, that it's going to take many years, and that it's going to need a lot of government support. The good news is that Europe already provides this for renewables, and in green steel we have a pathway to how this could work for the chemicals sector.
Why this is important: Sorting out the so called hard to decarbonise sectors is going to be a big challenge. They are big contributors to GHG emission etc but they are also linked to fossil fuels for good economic reasons. This is going to take us many years to resolve, which is why it's best to start now, rather than "kick the can" down the road.
The big theme: Europe wants to decarbonise its so-called "hard to decarbonise" sectors, which includes much of our heavy industry. If you add the GHG emissions from the impacted sectors together, you get to roughly 1/3 of all global emissions. So working out how to fix this is one of the big challenges. They are not called hard to decarbonise for nothing! There are good reasons why many of them currently use fossil fuels, so decarbonisation is going to need a lot of government assistance.
Summary of a report from ShareAction
As a society, we understand the need to decarbonise the chemicals sector. It currently contributes (scope 1,2 & 3) more than 2 Gt CO2e pa, or somewhere close to 4% of our global GHG emissions. We wrote on this in a long blog back at the end of February, but with the publication of the report we wrote for ShareAction (which you can download here) we thought it would be useful to revisit the topic. And of course encourage you to read the report.