chemical
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European chemical industry struggles against US competition, says Ratcliffe
Europe's petrochemical industry faces severe challenges due to high energy and carbon costs, making it uncompetitive globally, according to Ineos Group founder Jim Ratcliffe.
Francine Lacqua, Rachel Graham, Alex Longley, and Bloomberg report for Fortune.
In short:
- Jim Ratcliffe, head of Ineos Group, claims Europe's chemical industry is at a significant disadvantage compared to the US due to high energy and carbon costs.
- Ratcliffe suggests that the current European market structure hampers competitiveness, leading to a bleak future for the sector.
- The industry's struggle is exacerbated by energy price volatility and regulatory challenges in Europe.
Key quote:
"Europe’s a mess for petrochemicals today. Everybody’s leaving petrochemicals in Europe, which I’ve never seen in my working life before."
— Jim Ratcliffe, founder of Ineos Group
Why this matters:
As Europe pushes towards greener energy solutions and stringent carbon reduction targets, the cost of energy and carbon emissions has surged. This shift, while essential for combating climate change, places European petrochemical companies at a disadvantage compared to regions with less stringent environmental regulations and cheaper energy sources, such as the United States and parts of Asia.
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EU's recycled content rules stir controversy
The European Commission is proposing more lenient standards for what counts as recycled material in products, a decision that aligns with the chemical industry's interests.
In short:
- The European Commission suggests relaxing the criteria for calculating recycled content in consumer goods.
- This proposal has sparked concerns of greenwashing, as it may allow companies to claim higher levels of recycling than actually achieved.
- Critics argue this could undermine efforts to combat plastic pollution and mislead consumers about the environmental impact of their purchases.
Key quote:
“This is, for me, a really high risk of greenwashing.”
— Lauriane Veillard, policy officer at Zero Waste Europe.
Why this matters:
At a time when the world is grappling with plastic pollution and climate change, ensuring transparent and rigorous standards for recycled content is crucial for genuine progress.
Chemical recycling — an umbrella term used to describe processes that break plastic waste down into molecular building blocks with high heat or chemicals and convert them into new products — will not help reduce plastic pollution, but rather exacerbate environmental problems, according to a report by nonprofit environmental advocacy groups Beyond Plastics and the International Pollutants Elimination Network.
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Photo by Lukáš Lehotský on Unsplash
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