Chemical

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Oct 14, 2024 - 03:00
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Chemical

The Chemical Industry and its Impact on Sustainable Development Goals (SDGs)

Introduction

The Chemical Industry is a 5 trillion dollar sector that plays a crucial role in various aspects of our daily lives – from the food we eat and the clothes we wear to the way we travel. 

Trends Affecting the Chemical Industry

ERM works with a diverse range of clients in the Chemical Industry, including petrochemical, specialty manufacturing, and agrochemical/agrotech companies. We have identified three major trends that are significantly impacting their business: 

  1. Increased demand for sustainability in their operations and across their value chain
  2. Digital transformation 
  3. Accelerated globalization 

Challenges Faced by Chemical Companies

These trends give rise to a range of issues that directly affect the strategy and operations of all chemical companies. We work closely with the most prominent chemical companies to address these challenges, which include: 

  • Responding to increased social and investor pressures to act responsibly and increase sustainable practices while maintaining profitable operations 
  • Decarbonization of products through new processes or different feedstocks 
  • Demonstrating improved environmental and social stewardship to meet greater customer and end user expectations 
  • Maintaining compliance with the continued growth in regulations globally 
  • Creating, maintaining, and evolving safety standards in compliance with regional and international regulations 
  • Applying better technology and data to maintain a competitive edge 
  • Navigating mergers & acquisitions, divestment, and asset retirement 

Value Provided by ERM

At ERM, we bring value to our clients in the Chemical Industry by understanding their immediate and long-term needs. We provide comprehensive support that ranges from broad strategic corporate sustainability to services that help with product stewardship, EHS (Environment, Health, and Safety), due diligence, and remediation. 

SDGs, Targets and Indicators

SDGs Targets Indicators
SDG 7: Affordable and Clean Energy Target 7.2: Increase the share of renewable energy in the global energy mix Indicator not mentioned in the article
SDG 9: Industry, Innovation and Infrastructure Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable Indicator not mentioned in the article
SDG 12: Responsible Consumption and Production Target 12.4: By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to minimize their adverse impacts on human health and the environment Indicator not mentioned in the article
SDG 13: Climate Action Target 13.3: Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning Indicator not mentioned in the article
SDG 17: Partnerships for the Goals Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable development goals in all countries, in particular developing countries Indicator not mentioned in the article

Source: erm.com