Page 184 - CW E-Magazine (12-3-2024)

Special Report

Embracing change: Shaping the future of the chemical

industry

n the midst of our swiftly changing India spearhead- CHANDRAKANT NAYAK
world, the chemical industry stands ing resources CEO and Country President
Ion the precipice of a remarkable into research and Dow Chemical International
transformation. This metamorphosis is development.
catalysed by the convergence of several The goal is clear – ing capabilities could increase value
formidable factors, which include tech- to create gree- retention within our borders, encourag-
nological advancements, regulatory ner, safer, and ing economic growth and sectoral
shifts, and an escalating awareness of more efficient development. Such an initiative bears the
environmental imperatives. As these chemicals spanning diverse applica- potential to transform the chemical
influential currents coalesce, they sculpt tions for industries to consumers. industry in India, attracting investments,
the chemical industry into an entirely This strategic focus aligns seamlessly fostering research and development, and
novel entity, one that diverges signifi- with the objectives of the ‘Make in significantly contributing to the nation’s
cantly from its historical incarnations. India’(2) movement, bolstering self-suffi- economic growth. The Indian chemical
ciency and reducing reliance on im- industry plays a pivotal role in supplying
A remarkable trend currently ports. By emphasizing domestic value building blocks and raw materials to
sweeping through the chemical industry addition, especially in transforming raw various sectors.
is the resounding emphasis on sustain- materials into valuable derivatives,
ability. In the wake of global environ- we can advocate against ‘Molecular Diversity and inclusion in workforce
mental concerns, the chemical sector Tourism’ – the counterproductive cycle The chemical industry, akin to many
has made significant strides in reducing of exporting raw materials only to sectors, has acknowledged the signifi-
its ecological footprint. Sustainability re-import them as enhanced products. cance of diversity and inclusion within
has taken centre stage in Dow’s global Castor oil is a great example, show- its workforce. Nevertheless, there are
mission, and as a responsible corpo- casing India’s significant stance glo- persistent gaps that demand attention.
rate entity, we are deeply committed to bally. By processing raw castor seeds Studies have underscored the imperative
leaving a lasting impact on India, a into high-value derivatives on home for increased diversity in the chemical
nation where the chemical industry soil, we underscore the importance of industry, emphasizing that diversity and
plays a pivotal role in economic growth. local enhancement, securing and ele- inclusion are pivotal across all sectors.
vating value. Improving local process- In Dow India, inclusion and diversity
In the vanguard of technological
progress, our commitment to revolution-
ising manufacturing processes stands
as a testament to our dedication to sus-
tainability. The mission is clear: reduce
waste, minimize energy consumption,
and lower emissions. This not only paves
the way for a more sustainable future, but
also enhances our operational efficiency.
By 2030, Dow will reduce its net an-
nual carbon emissions by 5-mt versus its
2020 baseline (15% reduction). By 2050,
Dow intends to be carbon neutral (Scopes
1+2+3 plus product benefits)(1).

Responsible product development
Central to our sustainability initia-
tives is a fervent commitment to res-
ponsible product development, with Dow

184 Chemical Weekly March 12, 2024

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