The scaling up of “low carbon technologies” (LCET) in the chemical industry is crucial to address climate change, but they are strongly affected by the political and legal environment.
Publication of a new dashboard on the impact of the policy on LCET in seven jurisdictions – the European Union, the United States, China, Japan, Saudi Arabia, the United Arab Emirates and the United Kingdom – as well as the document, the World Economic Forum (WEF) said that these seven are jointly responsible for about 50% of global greenhouse gas emissions.
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“A complex set of policies facilitating change in value chains, in the behaviors of various stakeholders and in decision-making will be needed to enable the large-scale deployment of low-carbon technologies,” said Jorgen Sandstrom , Program Manager Energy, Materials and Infrastructure, WEF. .
The Policy Dashboard should provide support for both industry decision-making on actual decarbonization projects, as well as deeper policy analysis for the creation of policies that promote decarbonization.
The scorecard indicates that political support for alternative hydrogen production and carbon capture and use is evident in all jurisdictions covered, and that biomass use and waste treatment receive the least. Support. However, the latter is likely to improve as countries move away from fossil fuels and raw materials.
The study provides an overview of the main insights and results of the Policy Scoreboard. It highlights different promising LCETs, offering significant decarbonization opportunities not only to the chemical sector but also to all industrial value chains.
However, developing and scaling these technologies depends on enabling policy environments, ranging from monetary incentives to demand-side policies, the WEF said.
According to the document, creating and stimulating an appropriate market for more sustainably produced goods appears to be the policy area with the most room for improvement globally.