The leading representative of the chemical industry in Europe has requested that the European Commission allocate a share of the Covid-19 Green Recovery Fund to transform the chemical industry into an environmentally sustainable business.
The European Chemical Industry Council (CEFIC), has described the EU’s €750bn (around £690bn) green recovery plan as “a window of opportunity” to transform the chemical industry, from toll processing to the construction of materials needed for green energy, into a business that can help the fight against climate change, according to a CEFIC press release.
Despite the importance of the chemicals industry during the Covid-19 pandemic, European chemical output reduced by 5.2 per cent in the first half of 2020 compared to the previous year, in large part caused by a 12.9 per cent reduction in overall manufacturing in the region.
The funding could offset the costs from several environmental policies that aim to combat climate change. The European Commission has proposed to increase the reduction of greenhouse gases in the region from the previously agreed 40 per cent target to 55 per cent.
With the increasing need for the chemical industry to help produce materials suitable for alternative energy, a sustainable environmentally conscious industry would require targeted investment in initiatives such as increase renewable energy usage, clean hydrogen extraction and other green infrastructure.
This could add to the sustainability advances we have seen in fields such as logistics that could help kickstart an economic recovery and a sustainable climate.