To drive the global chemical industry — including for adhesives and sealants — on a path to net-zero emissions by 2050, the Low-Carbon Emitting Technologies (LCET) initiative has officially launched as the independent Global Impact Coalition (GIC).
The GIC was initially incubated at the World Economic Forum and is now a Swiss-based venture (formed by BASF, SABIC, Clariant, Covestro, LyondellBasell, the Mitsubishi Chemical Group, and Solvay), with the aim of jointly accelerating the development and scaling of low-carbon technologies for chemical production and related value chains.
With a suite of leading-edge projects, the CEO-led coalition will focus on accelerating the development and upscaling of low-carbon emitting technologies for chemical production and related value chains. With a focus on innovation, partnerships, and the development of net-zero production methods, the GIC can make an important contribution to carbon neutrality and sustainable growth.
“After over three years of incubation within the World Economic Forum and led by tangible results in the decarbonization space, we are delighted to witness the Global Impact Coalition emerge as an independent legal entity,” said Børge Brende, president, World Economic Forum. “We are dedicated to nurturing our strong relationship, bolstering sustainability and innovation within the chemicals sector.”
Marking a milestone
The GIC is supported by an expert community of more than 70 senior chemical industry executives. Its transition from a World Economic Forum initiative into the new, independent Coalition marks an important milestone and has been made possible by its founders.
“I see immense potential in reshaping the chemical industry’s impact on our planet. One of our goals is in forging new pathways to achieve this, through collaboration, business model transformation, and solid partnerships that create true value in our drive to a net-zero future. “I am extremely excited to lead the charge, focused on less talk, more results,” said Charlie Tan, Global Impact Coalition’s CEO.
At the cornerstone of the global economy, the chemical industry provides essential materials, technologies, and building blocks for 95% of all manufactured goods. As a crucial part of almost all sectors, sourcing and using alternative and sustainable sources of carbon will have an important impact in the fight against climate change.