A new report condemning the Chemical industry’s lack of emission control has been published.
The report published by CDP states that chemical companies are responsible for around an eighth of global industrial carbon emissions.
It is believed that without drastic change, the industry will not meet the targets set out in the Paris Agreement.
CDP claim that despite the industry pioneering low carbon technologies such as solar and battery technologies, the production of the materials is still a major contributor of carbon pollution.
The report suggests that as emissions regulations vary across the world, decarbonisation is a difficult issue for an entire industry to set targets for.
It is believed that China’s chemical industry does not disclose any ‘useful’ environmental data despite making up to 40% of global chemical sales.
The chemicals industry as a whole is currently reducing its emissions output by up to 5% per year.
CEO of CDP, Paul Simpson stated: “As both a large energy user itself and a crucial part of other industrial supply chains, the chemicals industry is an important, but often overlooked, sector when it comes to environmental impact.”
“It’s moving in the right direction across several climate metrics with encouraging signs on annual emissions and R&D, but it needs to go further and faster to invest in the technologies that will deliver efficiency and emissions improvements.”
“Ultimately, it needs to set and achieve more ambitious environmental targets to reach a tipping point that both catalyzes progress towards the Paris Agreement goals and directly improves the bottom line.”