Economy transitioning to net-zero will require chemical solutions

Economy transitioning to net-zero will require chemical solutions

Subject : Environment

Section: Climate change

Context: From the chemicals industry perspective, an economic transition from fossil fuel to sustainable energy has translated to a new revenue opportunity in the past and may most likely continue to support the industry.

More on the News:

• Chemicals’ applications in the green transition will be widely similar to a fossil-based economy.
• Electrolytes in batteries, solar films used in solar panels, waste treatment in biogas and biomass, efficient catalysts replacing older chemicals and environment compliant refrigerants, chemicals are used in most green solutions.
• This should be beneficial for companies which have or are developing solutions in such space.
• Customs duty for fluorospar, a raw material for fluorochemicals which is used in pharma, agro-chem and new age energy solutions, has also been reduced from 5 per cent to 2.5 per cent supporting emerging solutions.
• The Make-in-India push by the government in the electronics segment spells opportunity for chemicals manufacturers supplying to semiconductor industries as well.
• On a broader basis, net-zero carbon emission by 2070 will involve solutions engineered by chemicals industries to cap the emissions from industrial processes.