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The chemical industry
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is actually quite a large greenhouse gas emitter.
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It currently accounts for around 6%
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of all emissions globally.
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There was a recognition from the industry that, actually,
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in order to tackle global problems, we need to collaborate.
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We at the Global Impact Coalition
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are essentially providing the platform.
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There's a real need for these kinds of solutions.
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We're working on five new projects now.
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We are very much looking forward to seeing
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can we create new sources of low-carbon feed stock
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that are going to be critical for Clariant going forward?
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This is low-carbon feed stocks for ethylene, propylene,
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and also other feed stocks.
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It's extremely encouraging
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to have these companies in this platform
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seriously discuss how we're going to push this forward
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so that we have real solutions to these burning problems.
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We have to work together
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to actually drive these projects forward,
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because there's no alternative.
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We cannot not do it, but we cannot do it only by ourselves.
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So there are obviously a couple of risks associated
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with making the chemical industry net zero.
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I mean, there's a technology risk
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because in a scaled-up process,
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we don't know how new technologies work.
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The Global Impact Coalition,
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where multiple leading chemical companies come together,
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help in mitigating that risk.
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It's not a technology-development challenge,
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it's commercial viability.
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There are certain challenges that are either too hard
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for a single company to solve
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or that require a broader ecosystem,
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a collaboration within the industry
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and with partners upstream and downstream
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to really realize that.
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We're at the front of this whole value chain
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as it is set up right now.
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That means also that a lot of the investments
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will be taking place in our space,
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on our sites, in our assets.
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The value is coming much further down the value chain,
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and that's a challenge that we're facing.
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We also need to work together
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with the research institutes, with governments,
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and making a lot of funding available as well
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to help with this transition
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and de-risk these large investments that we need to do.
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What is really crucial is having a top-down
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mindset approach from the CEOs,
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from the executive committees, that then filters down
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into the working-group level of the companies
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so that everyone understands why they are doing this
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collectively as an industry.
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BCG stood out as a firm that really want to be part
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of this journey with us.
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It's basically at the core of what BCG stands for,
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solving the toughest problems on the planet.
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We need to reshape ecosystems,
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we need to define new business models,
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especially when we talk about enabling polymers
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to become circular, where we need other stakeholders.
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When we as BCG and BCG X can be part of that process
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where we can be thinking, what could we achieve together
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as a group of passionate technologists,
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businesspeople, researchers, and how can we solve
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some of those urgent chemical industry problems
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at scale in a way that, as individual constituents,
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we can't,
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and that's really powerful. I'm really
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looking forward to seeing what comes out of it soon.
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