Business-Led Effort to Decarbonize Chemicals Industry Relaunches as Global Impact Coalition

Published

30 Nov 2023

2023

World Economic Forum, public.affairs@weforum.org

A global impact coalition incubated by the World Economic Forum relaunches as the independent Global Impact Coalition
The coalition focus is on accelerating innovation and catalysing proof-of-concept projects
For more information, visit Global Impact Coalition

Geneva, Switzerland, 30 November 2023 – The CEO-led effort to decarbonize the chemical industry by pooling efforts and expertise across the sector has relaunched as the independent Global Impact Coalition. Previously incubated by the World Economic Forum, the coalition will focus on accelerating the development and upscaling of low-carbon emitting technologies for chemical production and related value chains.

More than 70 senior industry executives support the coalition, formerly the Low-Carbon Emitting Technologies Initiative, which was created by founding members BASF, Clariant, Covestro, LyondellBasell, the Mitsubishi Chemical Group, SABIC and Solvay.

“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. “We are dedicated to nurturing our strong relationship, bolstering sustainability and innovation within the chemicals sector.”

The chemical industry serves as the cornerstone of the global economy – providing essential materials, technologies and building blocks for 95% of all manufactured goods, making decarbonization of this sector essential in the global fight against climate change and innovation urgently needed. The industry will need to cut its annual greenhouse gas emissions by 186 million tons over the next 30 years to reach net-zero emissions by 2050.

“I see immense potential in reshaping the chemical industry's impact on our planet. 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. I am extremely excited to lead the charge, focused on less talk, more results”, said Charlie Tan, Global Impact Coalition’s Chief Executive Officer.

The coalition will advance projects from the initiative with a proven approach. Some examples of the coalition member company projects include the R&D Hub for Plastic Waste Processing, which focuses on developing new technologies for waste processing with a lower CO2 footprint and greater levels of plastic waste recycling, and the Electrically Heated Steam Cracker Furnace, a collaboration to construct the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces.

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