ESG-driven Innovation in the Chemical Industry
Because they are essential participants in the manufacturing value chain, chemical companies that prepare early to comply with more rigorous environmental, social and governance (ESG) standards will build an advantage.
Edited by Margo Ellis
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The world is decarbonizing. Plans to cut carbon emissions to meet commitments to the Paris Agreement on climate change and those made at COP26 are producing a flurry of corporate, national and international initiatives aimed at eliminating net greenhouse gas emissions by mid-century. The EU projects that it will reach net zero by 2050 and aims to cut its emissions by half over the next decade.
This powerful trend places a particularly stringent set of demands on the chemical industry because it accounts for a large share of global emissions. It is an energy-intensive industry that relies on hydrocarbons for raw materials.
Six trends detailed by Strategy& include:
- Innovating beyond regulatory requirements
- Aligning ESG-driven innovation with the authentic identity of the business
- Adopting a hybrid corporate-business unit operating model for innovation
- Building an innovation ecosystem with external partners
- Leveraging external funding opportunities for innovation
- Adopting innovation impact metrics that include new concepts
Read the full report and summary here.
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