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Recently, the Bloomberg NEF Institute (BNEF) released the report "Decarbonization of the Petrochemical Industry: A Path to Net Zero Emissions"
.
According to the report, the global petrochemical industry will need to invest $759 billion by 2050 if it is to achieve net zero emissions
.
The report states that electrification and carbon capture and storage (CCS) will play a central role in reducing emissions from high-value chemical (HVC) production
.
HVC production accounts for 2% of global emissions, equivalent to the aviation industry's emissions and twice as much as the aluminum industry
.
The report also outlines a low-emission chemical emissions reduction pathway and describes how emissions can be reduced to net zero by achieving reductions in CCS and electrification costs, even as total production grows significantly
.
BNEF estimates that new clean capacity and low-emission retrofits will increase investment in the petrochemical industry by $759 billion compared to normal capacity growth
.
This is equivalent to 0.
5% of the $172 trillion investment needed to decarbonize the global energy sector by 2050
.
Decarbonizing chemicals will be a capital expenditure-intensive industry, but for all new capacity and retrofits beyond 2030, achieving net zero is critical
.
