Upcoming Transformations in Integrated Energy/Chemicals Sectors: Some Challenges and Several Opportunities.

Abstract

The sociopolitical events over the past few years led to transformative changes in both the energy and chemical sectors. One of the most evident consequences of these events is the significant focus on sustainability. In fact, rather than an engaging discussion within elite social circles, the search for sustainability is now one of the hard requirements investors impose on companies. The concept of sustainability itself has developed since its inception, and now it encompasses environmental as well as socioeconomic aspects. The major players in the energy and chemical sectors seem to embrace these changes and the related challenges; in most cases, tangible ambitious goals have been proposed. For example, bp aims "to become a net zero company by 2050 or sooner, and to help the world get to net zero". Although tragic events such as the war in Ukraine directly affect global supply chains, leading to some reconsiderations in medium-term industrial and political strategies, trends and public demands seem determined to pursue ambitious sustainable goals, as tangible as the European Union's "Fit for 55" climate package, approved on May 12, 2022, which effectively bans internal combustion engines for new passenger cars and light commercial vehicles from 2035. These trends will likely lead to profound changes in both the chemical and energy sectors. While some predictions may miss the target, speculating about upcoming challenges and opportunities could help us prepare for the future. This is the purpose of this brief Perspective.