November 2024 - The Clean Formula Newsletter - Accelerating Real Sustainability Solutions in the Chemical Industry
The chemical industry has set ambitious carbon reduction targets, but progress remains slow. This is primarily due to the perceived costs and risks of adopting new technology with so many legacy assets in operation. Simultaneously, startups are rapidly innovating, developing low-carbon solutions that can enable chemical producers to reach sustainability goals. So how can startups and large chemical companies more effectively collaborate to accelerate the adoption of these technologies? This was the point of discussion on the VERGE 24 panel "Carbon-Conscious Chemistry: Innovation in the Chemicals Sector.” where our CEO, Jeff Erhardt, joined industry leaders from the Rocky Mountain Institute, BASF, and Antora Energy.
The panel examined the emerging solutions reinventing essential products like plastics, fertilizers, and fabrics—items that comprise 90% of the physical objects we use in modern life. Leveraging his experience working at startups and multinational conglomerates, Jeff shared insights into the conflicting incentive structures that make collaboration between both groups difficult, slowing the adoption of climate tech. To overcome these challenges, he explained how public-private partnerships can be structured to make meaningful impacts, and how the industrial sector can take inspiration from pharmaceuticals, where companies have successfully partnered with early-stage tech firms, creating ‘innovation labs’ to drive drug discovery, resulting in reduced costs and shortened time-to-market.
It was fascinating to hear how other executives across the chemical sector view this dynamic, and we look forward to growing these relationships in the future. If you’re interested in reading more about this topic, we recommend Jeff’s article in Hydrocarbon Processing.
We invite you to join us in this mission. To learn more about how we can collectively advance decarbonization efforts, please contact us or reach out directly.
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