Mindful Manufacturing - Link between Economics and Sustainability

Many factors are pivoting chemical companies in the direction of sustainability and decarbonization. increasing environmental regulations, advancements in green chemistry, consumer demands for sustainable products along with long-term economic benefits are some of the catalysts that are propelling chemical companies to operate in an environmentally conscious manner.

Carbon capture, greenhouse gases emissions reduction, low-carbon feedstocks and energy conservation efforts are some of the initiatives that are getting embedded into the operating strategies of several chemical companies. Implementing such strategies can give quick first-hand results and also help strategically place manufacturing facilities ahead in the ‘green race.’ However, to realize long-term substantial reduction and net-zero targets, radical changes in the operation of chemical companies are required. Such radical approaches warrant consideration of several factors including but not limited to 1) the Production of products with greener feedstocks, 2) Design changes in facilities and 3) Investments in R&D to create innovate sustainable products. As such, these efforts are money intensive and hence result in higher costs that are passed down to the consumers.

Such efforts raise many questions: Are chemical companies becoming overly ambitious with goal setting to achieve zero carbon footprint? Is true sustainability achievable and quantifiable? Are consumers willing to pay a premium for greener products? Can short-term losses with investment in such initiatives be recovered with long-term benefits? How are such efforts defining the operation of chemical facilities? What are the current and future economic outlooks of companies taking the green initiative? This talk aims to discuss the current efforts to achieve sustainability in chemical industries and attempt to find answers to the above questions.