TORONTO — Canada might be a key producer and exporter of the chemical substances wanted to energy the vitality transition, together with these utilized in EVs, photo voltaic panels, and warmth pumps. However seizing the chance would require the sector and governments to put money into cleaner merchandise and cleaner manufacturing right now.
Certainly, a few of Canada’s key export markets, together with the U.S. (the place 90% of Canada’s chemical exports at the moment find yourself) and the EU, are already investing closely within the transition to low-emission merchandise, whereas Canada has fallen behind.
Knowledgeable by interviews with a number of the nation’s largest chemical substances producers, Clear Power Canada’s new report, Catalyzing Change: Why Canada wants a roadmap to net-zero chemistry, outlines the chance and challenges forward.
The report finds that emissions reductions will not be solely vital for our local weather (the worldwide chemical sector’s emissions should peak within the subsequent few years and decline by about 15% by 2030 to succeed in internet zero by 2050) however desired by corporations. However limitations, together with regulatory uncertainty, prices, and impractical funding applications, are slowing change.
Failing to decarbonize might imply shedding essential market share to international locations which are higher embracing the chance, placing Canada’s chemical substances business, and the 90,000 jobs it helps, in danger. As such, Canadian governments and business should work collectively to develop a net-zero roadmap and shift the main target to lower-volume however higher-value merchandise.
Catalyzing Change lays the groundwork for such a roadmap with 5 key motion areas and early priorities to assist make sure the competitiveness of Canada’s chemistry sector for years to return.
KEY FACTS