In the United Kingdom, CDP published a report saying the chemicals industry is not delivering on GHG emissions cuts to meet the goals of the Paris Climate Agreement, yet is generating huge revenues. AkzoNobel stood out in the report because of its commitment to decarbonization initiatives and as one of only two of the assessed companies with a science-based target. The report looks at 22 of the world’s largest chemicals companies representing 25% of all emissions for the chemicals industry and details how they are still facing challenges to address their climate impacts.
Paul Simpson, CEO of CDP told GreenBiz, “As both a large energy user itself and a crucial part of other industrial supply chains the chemicals industry is an important, but often overlooked, sector when it comes to environmental impact. Today’s analysis shows it’s moving in the right direction across several climate metrics with encouraging signs on annual emissions and R&D, but it needs to go further and faster to invest in the technologies that will deliver efficiency and emissions improvements.”