TORONTO — Canada may very well be a key producer and exporter of the chemical substances wanted to energy the power transition, together with these utilized in EVs, photo voltaic panels, and warmth pumps. However seizing the chance would require the sector and governments to spend money on cleaner merchandise and cleaner manufacturing at this time.
Certainly, a few of Canada’s key export markets, together with the U.S. (the place 90% of Canada’s chemical exports at present 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 obligatory 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 achieve internet zero by 2050) however desired by firms. However boundaries, together with regulatory uncertainty, prices, and impractical funding applications, are slowing change.
Failing to decarbonize might imply dropping vital market share to international locations which might be higher embracing the chance, placing Canada’s chemical substances trade, and the 90,000 jobs it helps, in danger. As such, Canadian governments and trade 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