Page 172 - CW E-Magazine (19-3-2024)

ICC Conference 2024

Mr. Condon also noted the oppor- mestic applications such as decarboni- VUCA (volatile, uncertain, complex,
tunity to increase domestic production sation of heavy industry, feedstock for and ambiguous) world has manifested
considering the expected rise in the decarbonised chemicals and mobility, itself in the true sense in the past three
sector’s trade deficit from around the potential for export is consider- to four years, given the major geopoliti-
$10-bn in 2021 to $40-bn in 2040. able. Green hydrogen has a key role to cal disruptions and subsequent impact on
play globally in decarbonising energy, energy, food, commodities, and supply
“India has most of the right enablers mobility, as well as hard-to-abate sectors chains.
for growth, including a competitive such as chemicals and steel. In all these
labour force and relatively low capital areas the chemical sector has a unique “These critical factors and their
costs. India is rapidly developing role to play in enabling the transition impacts need to be built into business
research and development talents and to net zero. By improving process strategies, along with the disruption
is working to secure the supply – either efficiency, catalysing the shift to decar- of climate change, sustainability and
imported or locally produced – of cer- bonised feedstocks, enabling the pro- artificial intelligence. Chemical indus-
tain feedstocks, such as methanol, but duction of decarbonised fuels such as try will have to be on the forefront of
overall, because of the many competi- biofuels and e-fuels, and encouraging adapting to these disruptions and we
tive advantages, Indian chemical com- circularity,” he observed. need to be ahead of the curve in some
panies consistently outperform global of these areas,” he said.
peers in terms of profitability,” he said. Mr. Condon said Johnson Mathey
and many other British companies New era beckons
Speaking about the global chemi- with cutting edge technologies are “We are in very uncertain volatile
cal industry, Mr. Condon said despite seeking to partner with Indian firms to times now and the world is at the cusp
some stiff short-term headwinds, the address the energy transition together. of a new era impacted by demand and
medium- and long-term outlook for the “The future of our industry depends on supply shocks,” said Mr. Avinash Goyal,
industry is highly favourable, as the our ability to develop and deploy the Senior Partner, McKinsey & Company,
chemical industry is a critical enabler most advanced technologies to help the India. He explained that interplay of
in achieving global net zero targets. world achieve net zero,” he concluded. macro factors like income inequality,
changing demographic profile, invest-
“The global journey to net zero Mr. Rajen Mariwala, President, ments & resources required for the
is creating new markets and huge ICC and Managing Director, Eternis energy transition, dynamics of control
investment opportunities. To stay on Fine Chemicals Ltd., remarked that the over critical resources, and slowing
the climate trajectory defined in the growth of China would place India in a
Paris agreements, annual clean energy favourable position.
investment worldwide will need to be
more than tripled by 2030 to round $4-
trillion. The countries and regions that
win the race to decarbonise will be
those with ready access to renewable
energy and the technology to decarbo-
nise ahead of others. They will attract
the most global investment, build new
markets and eventually reduce costs.
I am absolutely convinced that India will
be a world leader in enabling decarboni-
sation across the globe,” he said.

India’s plentiful resources of renew-
able energy, especially solar, he added,
would act as a catalyst for the transfor-
mation of the Indian power sector and
help India become a green hydrogen
champion. “Beyond the numerous do- Mr. Rajen Mariwala Mr. Avinash Goyal

172 Chemical Weekly March 19, 2024

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