Closing the carbon loop – crucial for the transformation of chemistry industry
Carbon is the source of life, and the main building block in nature as well as in chemistry and all material products. We use it as building blocks to create materials, just as nature does. However, to not harm our planet, we must stop retrieving this carbon from virgin fossil sources. Instead, we must find alternative sources and close the loop on carbon. This is one of the large challenges of our industry.
Increased demand for carbon requires new technologies
Going forward, until 2050, the need for carbon will rise and the competition for renewable and recycled carbon will increase drastically. The global demand for chemicals is expected to more than double from 2020 to 2050. This, together with the challenge of substituting fossil raw materials, means that alternative carbon sources need to increase from today´s about 70 to 1000 million tons per year.
To accommodate this need, and to close the loop on carbon, it is crucial that carbon is viewed as a valuable resource and materials are recycled. We must also develop and invest in technologies for recycling carbon emissions, (CCU) where carbon dioxide is captured and used as raw materials for new products instead of released into the atmosphere, as well as e.g. large scale production of waste-based biogas.
96% of all manufactured goods rely on chemical products. Imagine what transforming the entire chemical industry would do.
Read more about the need of recyclable raw materials in our sustainability report>>