Corporate Responsibility | June 29, 2009 |
Chemical Companies Formulate Petroleum Alternatives
A thriving chemicals industry is crucial to contemporary societal demands, but at the cost of 234 million barrels of oil a year. The first official survey of its kind found that the majority of chemical companies were engaged in sustainable processes, and nearly all continued unaffected by the economy. Biotechnology with its "green" potential moves far beyond the genetic manipulation of food. For biotech companies, finding new replacement for plastics or refining non-fossil fuel biomass positions higher.
Genomatica performed the survey, working with the market intelligence firm ICIS, of over 900 ICIS subscribers. Chemical professionals consider sustainability a priority for long-term survivability -- even in adverse economic conditions, six in ten companies are engaged in sustainable chemical practices.
The majority of companies surveyed were based in Europe, North America and Asia, and tended to focus their priorities towards long term development. BASF was the most likely company to "spring to mind spontaneously" when thinking of a sustainable chemical company, with Dow and DuPont trailing after.
46 percent of companies considered there were economic advantages to switching to renewable feedstocks, responding to growing concerns regarding raw materials pricing. The environmental quality of the end product was most important to companies, ranking closely with concerns about carbon emissions during production.
Sustainable chemical development programs were considered to take under 10 years to implement by the majority (86 percent) of respondents, and of that number, most considered that it would take less than five years. 71 percent of companies also ranked being at the forefront of sustainable chemical as very important or important.
The greatest concerns regarding sustainable processes in the chemical world are centered around feedstock pricing and availability. Currently, most feedstocks are derived from sugars or other carbohydrates (24 percent) or plants (23 percent).
Chemical companies seem willing to reduce petroleum consumption, as 57 percent agreed that their company should reduce exposure to the petroleum-based commodity market. The weight of the automotive industry continues to affect the chemical sector, however biotechnology and adapting to evolving regulations present a unique opportunity to escape fossil fuel dependence.
Image: Wikimedia Commons
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