SUSTAINABILITY
Transitioning to a circular economy: The role of smart policies in advancing sustainability in the chemical industry
Dr. Ivana Krkljus, Bioeconomy and Market-oriented Strategies, BASF
Transitioning towards a circular economy is not only a viable option for businesses, but an imperative. By focusing on effective, implementable, and focused strategic proposals, circular feedstock (bio-based, (chemically) recycled, CCU) solutions, and collaborative initiatives, companies can effectively navigate the sustainability requirements of the chemical industry.
The chemical industry is essential for ensuring the smooth operation of countless applications in our daily lives. From keeping vehicles running efficiently and safely to enabling industrial machinery to function effectively, thus supporting sectors like transportation and manufacturing. While the production of detergents and surfactants ensures hygiene and sanitation by offering effective cleaning in households and industries, food packaging helps to extend shell life and prevents spoilage. Many sectors within the chemical industry and downstream industries face significant sustainability challenges as it grapples with the need to reduce the overall environmental impact of products, while meeting the demands of a growing global market. Therefore, it is crucial to adopt
innovative practices that promote a circular economy while minimising environmental impact of products.
Smart policies are driving the transition of the chemical industry towards a circular economy To foster a successful transition, it is essential to understand the necessary investments and technological advancements required. The chemical industry is estimated to need around €200 billion for the development of commercial circular technologies, with trillions more required for full deployment across Europe in the long run. Although many companies have demonstrated ambitious actions to enhance their operations toward GHG emissions reduction, the persistent reliance on carbon-based molecules as Continued on page 18
LUBE MAGAZINE NO.185 FEBRUARY 2025 17
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