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The adoption of modern digital technologies has not only increased productivity, but also supported the development of new and innovative business ideas. The pandemic further accelerated the drive towards decarbonization, which in turn is supporting several nations’ vision to meet their net zero carbon emission targets. With clean hydrogen gaining traction around the world, it presents a new opportunity for the industry to embark on the journey of energy transition. In response to policy needs and evolving consumer preferences, investors too are taking decarbonization seriously, further intensifying environmental, social and governance (ESG) efforts. Incorporating ESG strategies is helping build competitive advantage and advancing the industry’s sustainability agenda.
The rapidly changing market conditions and sudden disruptions is requiring industry leaders to devise tactics for a new era of growth for alternative feedstocks, waste management and recycling, and developing new circular business models for a sustainable future. Chemical companies are building on their unique strengths and capabilities to redesign an industry backed on sustainability and innovation.