Net-zero chemicals industry initiative relaunches as Global Impact Coalition
The Low-Carbon Emitting Technologies (LCET) initiative, incubated and hosted by the World Economic Forum for more than three years, has now officially launched as the independent Global Impact Coalition, to drive the global chemical industry on a path to net-zero emissions by 2050.
“After over three years of incubation within the World Economic Forum and led by tangible results in the decarbonization space, we are delighted to witness the Global Impact Coalition emerge as an independent legal entity,” said Børge Brende, President, World Economic Forum.
Founded by BASF, SABIC, Covestro, Clariant, LyondellBasell, the Mitsubishi Chemical Group and Solvay, the new Coalition will focus on accelerating the development and upscaling of low-carbon emitting technologies for chemical production and related value chains.
The new Coalition is created by seven founding member chemical companies and is supported by more than 70 senior industry executives.
With a focus on innovation, partnerships, and the development of net-zero production methods, the new Coalition can make an important contribution to carbon neutrality and sustainable growth.
The Coalition will incubate projects with a proven approach pioneered by the LCET. Examples of project coming from Coalition member companies include:
The R&D Hub for Plastic Waste Processing, which will focus on developing new technologies for waste processing with a lower CO2 footprint and greater levels of plastic waste recycling
Electrically Heated Steam Cracker Furnace, collaborated to construct, it is the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces.
“One of our goals is in forging new pathways to achieve this, through collaboration, business model transformation, and solid partnerships that create true value in our drive to a net zero future,” explained Charlie Tan, Global Impact Coalition’s Chief Executive Officer.
