How the chemical industry can meet the climate goals

Globally, there is increased interest and investment in sustainable forms of energy via commercialized renewable power technologies such as solar (thermal and photovoltaics), wind, biomass, geothermal, and other viable sources that are at the center stage.  As part of the definitive pathways towards de-carbonization, investors, lenders, market players, and policymakers are increasingly becoming aware of the need for flexibility in the energy value and supply chain.  This key area is a critical market segment wherein renewable power technologies are expected to play an important role in both front of-the-meter (FTM) and behind-the-meter (BTM) applications.  Accordingly, renewable power is an attractive option to power generators, process plants, commercial and industrial (C&I), institutional, and residential facilities in reducing overall carbon footprint. Switzerland's Federal Council has decided that the country should become carbon-neutral by 2050. The governments of many other countries are pursuing similar goals. This may be challenging as far as car traffic and the entire power sector are concerned, but not impossible -- with systematic electrification and the exclusive use of carbon-neutral energy sources, for example.A switch of this kind will be more difficult for the chemical industry. While for many other industrial sectors one of the primary concern is their energy efficiency, the chemical industry must also address the question of raw materials.