Page 149 - CW E-Magazine (24-6-2025)

News from Abroad

UN OCEAN CONFERENCE

Representatives of over 90 countries call for strong

plastics treaty as difficult talks loom

Ahead of the next round of negoti- more than half of the 170 countries in- mostly oil and petrochemical giants –
ations, in August, for an international volved in negotiating a binding treaty on have rejected calls for production limits,
treaty on reducing global plastics pollu- plastic pollution since 2022. The talks and pushed instead for a treaty that
tion, ministers from 95 countries have collapsed in late 2024 in Busan, South prioritises waste management.
issued a symbolic call for a binding treaty Korea, with nations unable to agree on
that caps plastic production and phases how to stop millions of tonnes of plastic In 2019, the world produced around
out harmful chemicals. waste from entering the environment 460-mt of plastic, a figure that has
each year. Negotiations are scheduled doubled since 2000, according to the
“We call for a legally binding obli- to resume in Geneva in early August. Organisation for Economic Co-operation
gation to phase out the most problematic So-called “high-ambition” nations have and Development. Plastic production is
plastic products and chemicals of con- long pushed for the accord to include expected to triple by 2060. But just 9%
cern in plastic products including those caps on the manufacture of new plastic, of plastic is recycled globally and every
most likely to cause harm or hinder cir- which is largely made from chemicals day, the equivalent of 2,000 garbage
cularity,” wrote the signatories of this derived from fossil fuels. An opposing trucks worth of plastic waste is dumped
text. The signatory countries represent group of “like-minded” countries – into oceans, rivers and lakes.

Envision Energy, Sun Terra announce energy storage

collaboration

Envision Energy Group, a China-based ing and technological expertise – support- storage solutions in the target markets.
green technology specialist, is partnering ing the clean energy transition across these “As a key part of Sinar Mas’ renewable
with Sun Terra, Indonesia’s leading renew- regions. energy portfolio, Sun Terra is committed
able energy company, to advance collabo- to advancing clean energy development in
ration on energy storage technologies and According to the agreement, Envision Indonesia, Australia, and India. This stra-
solutions in key markets including South- and Sun Terra will collaborate on key areas tegic collaboration with Envision will not
east Asia, India, and Australia. including energy storage system procure- only bring advanced energy storage sys-
ment and distribution, localised assembly tems to Indonesia, but also empower the
The partnership aims to accelerate the and manufacturing, technology licensing, localisation of production and technology
deployment of advanced energy storage and solution delivery. Together, they aim advancements in the Australian and Indian
solutions, enhance global supply chains, to establish a comprehensive partnership markets,” Ms. Karina Darmawan, CEO,
and foster the localisation of manufactur- covering the full value chain of energy Sun Terra, said.
BASF putting coatings business on the block: Reports

BASF has reportedly launched a according to the report. US private equity BASF is currently undergoing a broader
sale process for its Coatings division, a firm Carlyle Group and paint manufac- restructuring and has previously signalled
Bloomberg report said recently quoting turer Sherwin-Williams are reportedly its intent to critically review its portfolio.
unnamed sources. Over the past weeks, considering a joint bid. CVC Capital BASF’s coatings business generated
the German chemical company is said to Partners, Lone Star Funds, Advent Inter- €4.3-bn in revenue in 2024, positioning
have shared initial information about the national, Bain Capital, Blackstone, and it as an attractive standalone platform for
business with potential buyers. Platinum Equity are also said to have private equity investors seeking scale and
expressed early interest. It may be recalled global exposure. If BASF’s coatings sale
The division – which includes auto- that Sherwin-Williams had acquired reaches the speculated €6-bn valuation, it
motive refinish and industrial coatings – BASF’s Brazilian paints unit for $1.15-bn would rank among the largest European
could be valued at approximately €6-bn, earlier this year. industrial buyouts of the year.

Chemical Weekly June 24, 2025 149

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