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.
ALSO READ: WEF 2022 Annual Gathering Begins May 22 In Davos; Sitharaman, 3 CM to assist
“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.
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.