The initiative for clean zero chemical industry has been officially launched, and the "Global Impact Alliance" has been established.

In order to achieve net-zero emissions in the global chemical industry by 2050, the Low Carbon Emission Technology (LCET) Initiative, incubated and hosted by the World Economic Forum for over three years, has now been officially launched as an independent global influential alliance.

The New Alliance is jointly established by BASF, SABIC, Covestro, Clariant, LyondellBasell, Mitsubishi Chemical Group, and Solvay. The CEOs of each company are responsible for overseeing the daily operations of the alliance. Through a series of cutting-edge projects, the alliance is committed to accelerating the development and upgrading of low-carbon emission technologies in chemical production and related value chains. The New Alliance focuses on innovation, partnership, and the development of net-zero production methods, making significant contributions to carbon neutrality and sustainable growth.

Børge Brende, President of the World Economic Forum, stated: "After over three years of incubation at the World Economic Forum and achieving tangible results in the decarbonization field, we are pleased to see the Global Impact Alliance become an independent legal entity. We are committed to nurturing our strong relationships and promoting the sustainable development and innovation of the chemical industry."

Leading demonstration project

The alliance will adopt LCET's proven method to incubate projects. Here are some sample projects from member companies of the alliance:

• Plastic Waste Treatment Research and Development Center - The center will focus on developing new waste treatment technologies to reduce carbon footprint and improve the level of plastic waste recycling.
• Electrically heated steam cracking furnace - Collaboratively constructing the world's first large-scale electrically heated steam cracking furnace demonstration plant.

Marks a new milestone.

The alliance is a collaborative organization for incubating low-carbon emission technologies in the chemical industry, with the support of an expert team consisting of over 70 executives from the chemical industry. It has evolved from an initiative of the World Economic Forum into a new independent alliance, marking a significant milestone.

Charlie Tan, CEO of Global Impact Alliance, said, "I see tremendous potential in reshaping the chemical industry's impact on the planet. One of our goals is to explore new avenues for achieving our net-zero future through collaboration, business model transformation, and strong partnerships, creating real value in our efforts. I am thrilled to lead this work and hope to achieve significant results."

As the cornerstone of the global economy, the chemical industry provides crucial raw materials, core technologies, and basic materials for 95% of manufactured goods. As a critical component of almost every industry, the procurement and use of alternative sustainable carbon sources will have significant implications for addressing climate change.

The Global Impact Coalition (GIC) is committed to accelerating the transformation of the chemical industry and achieving net-zero emissions by 2050.