Net-zero chemicals industry initiative relaunches as the Global Impact Coalition
To drive the global chemical industry on a path to net-zero emissions by 2050, the Low-Carbon Emitting Technologies initiative, incubated and hosted by the World Economic Forum for more than three years, has now officially launched as the independent Global Impact Coalition.
With a suite of leading-edge projects, the CEO-led coalition, founded by BASF, SABIC, Covestro, Clariant, LyondellBasell, the Mitsubishi Chemical Group, and Solvay will focus on accelerating the development and upscaling of low-carbon emitting technologies for chemical production and related value chains. With a focus on innovation, partnerships, and the development of net-zero production methods, the new Coalition can make an important contribution to carbon neutrality and sustainable growth.
“After over three years of incubation within the World Economic Forum and led by tangible results in the decarbonization space, we are delighted to witness the Global Impact Coalition emerge as an independent legal entity,” said Børge Brende, President, World Economic Forum. “We are dedicated to nurturing our strong relationship, bolstering sustainability and innovation within the chemicals sector.”
Leading Demonstration Projects
The Coalition will incubate projects with a proven approach pioneered by the LCET. Example projects coming from Coalition member companies:
The R&D Hub for Plastic Waste Processing - which will focus on developing new technologies for waste processing with a lower CO2 footprint and greater levels of plastic waste recycling.
Electrically Heated Steam Cracker Furnace - collaboration to construct the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces.
Marking a milestone
The Coalition is a collaboration of incubation of low carbon emittance technologies in the chemical industry, supported by an expert community of more than seventy senior chemical industry executives. Its transition from a World Economic Forum initiative into the new, independent Coalition marks an important milestone and has been made possible by its founders.
“I see immense potential in reshaping the chemical industry's impact on our planet. One of our goals is in forging new pathways to achieve this, through collaboration, business model transformation, and solid partnerships that create true value in our drive to a net zero future. I am extremely excited to lead the charge, focused on less talk, more results”, said Charlie Tan, Global Impact Coalition’s Chief Executive Officer.
At the cornerstone of the global economy, the chemical industry provides essential materials, technologies and building blocks for 95% of all manufactured goods. As a crucial part of almost all sectors, sourcing and using alternative and sustainable sources of carbon will have an important impact in the fight against climate change.