7 Chemical Giants Launch Global Impact Coalition (GIC)

7 Chemical Giants Launch Global Impact Coalition (GIC)

Author: ChemistryViews

The Low-Carbon Emitting Technologies (LCET) Initiative, incubated and hosted by the World Economic Forum, was founded more than three years ago by the CEOs of BASF, SABIC, Clariant, Covestro, LyondellBasell, Mitsubishi Chemical Group, and Solvay to jointly accelerate the development and scale-up of low-carbon technologies for chemical production and related value chains. The World Economic Forum is an international non-governmental organization for public-private cooperation based in Cologny, Canton of Geneva, Switzerland.

To drive the global chemical industry on a path to net-zero emissions by 2050, the LCET initiative has now officially launched as an independent, Swiss-based legal entity called the Global Impact Coalition (GIC). As the industry’s first CEO-led coalition, the GIC will create and foster new partnerships to address challenges that cannot be effectively addressed in isolation. It will serve as a dynamic platform to catalyze high-impact projects and R&D collaborations focused on implementing technology, value chain, regulatory, financial, and market solutions to achieve sustainable goals. The Coalition is supported by an expert community of more than seventy senior chemical executives.

Examples of Coalition member projects include a Plastic Waste Processing R&D Hub, which will focus on developing new waste processing technologies with a lower CO2 footprint and higher levels of plastic waste recycling, and Electrically Heated Steam Cracker Furnace, a collaboration to build the world’s first large-scale electrically heated steam cracker furnace demonstration plant.


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