Moving towards a world without oil,
| Moving towards a world without oil, how can Taiwan’s petrochemical industry adapt? |
 |
Apr 01, 2022Category: Green TechnologyEnvironment / EcologyEco & Green https://apis.google.com/u/0/se/0/_/+1/fastbutton?usegapi=1&size=small&count=false&origin=http%3A%2F%2Fwww.asiatoday.com&url=http%3A%2F%2Fwww.asiatoday.com%2Fpressrelease%2Fmoving-towards-world-without-oil-how-can-taiwan%25E2%2580%2599s-petrochemical-industry-adapt&gsrc=3p&ic=1&jsh=m%3B%2F_%2Fscs%2Fabc-static%2F_%2Fjs%2Fk%3Dgapi.lb.en.z9QjrzsHcOc.O%2Fd%3D1%2Frs%3DAHpOoo8359JQqZQ0dzCVJ5Ui3CZcERHEWA%2Fm%3D__features__#_methods=onPlusOne%2C_ready%2C_close%2C_open%2C_resizeMe%2C_renderstart%2Concircled%2Cdrefresh%2Cerefresh&id=I0_1666076491419&_gfid=I0_1666076491419&parent=http%3A%2F%2Fwww.asiatoday.com&pfname=&rpctoken=46061911 Amid the climate crisis, governments around the world are committing to “net zero” carbon emission targets in order to slow global warming. And in the petrochemical sector, which has played a leading role in the global economy for over a century, a green revolution is under way.Industry impactA new world that does not use mineral oil Petrochemical products have become an indispensable part of our lives.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-2170453158736179&output=html&h=280&adk=3169869649&adf=4177447511&pi=t.aa~a.2612364979~i.3~rp.4&w=645&fwrn=4&fwrnh=100&lmt=1665177248&num_ads=1&rafmt=1&armr=3&sem=mc&pwprc=8691796294&ad_type=text_image&format=645×280&url=http%3A%2F%2Fwww.asiatoday.com%2Fpressrelease%2Fmoving-towards-world-without-oil-how-can-taiwan%25E2%2580%2599s-petrochemical-industry-adapt&fwr=0&pra=3&rh=161&rw=644&rpe=1&resp_fmts=3&wgl=1&fa=27&adsid=ChEI8J25mgYQnpjM47j8t_ioARI9ABQ6NfVDOSmfojykxfPa-ZfrloG7ZaVM6vX81KqAcXWnEMse97jz3GUpeK3zGXy7yj20sowAhJYvx1TWVw&dt=1666076494059&bpp=2&bdt=3251&idt=-M&shv=r20221013&mjsv=m202210120101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D9cbca378c03fc5b1-22bfa7b137d600f7%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_Mb6dWd30ul7a6Tt11kKvIt2sUzgFw&gpic=UID%3D000008dd1cf2a154%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_MYPZNvh_ERpBLehp5gNleunhGKDqw&prev_fmts=0x0&prev_slotnames=7834499131&nras=2&correlator=6888350022102&frm=20&pv=1&ga_vid=103887585.1666076423&ga_sid=1666076423&ga_hid=1013215904&ga_fc=1&u_tz=-420&u_his=2&u_h=864&u_w=1536&u_ah=824&u_aw=1536&u_cd=24&u_sd=1.25&adx=296&ady=966&biw=1519&bih=754&scr_x=0&scr_y=0&eid=44759875%2C44759926%2C44759842%2C44774718%2C42531706%2C31069178%2C31070320%2C31070385%2C31068920&oid=2&psts=APxP-9Cx3-LxXBl9j7B1ekoei5xv7d_R2Vk5DyB1fOWJfSHinBGN5UPJhW3PIrGoOke4tnOm7xquVG7YH-okijA&pvsid=2801374550087789&tmod=1677232632&uas=0&nvt=1&ref=http%3A%2F%2Fwww.asiatoday.com%2F&eae=0&fc=1408&brdim=0%2C0%2C0%2C0%2C1536%2C0%2C1536%2C824%2C1536%2C754&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=23&jar=2022-10-18-06&ifi=3&uci=a!3&btvi=1&fsb=1&xpc=QH9CpqdJgs&p=http%3A//www.asiatoday.com&dtd=15From the toothbrush we use after getting up in the morning, the clothes we wear, the shoes we put on, and the masks we don, to duvets, pillows and even vitamin supplements, all are derived from petrochemical raw materials.This also pertains to the survival of humanity and our livelihoods.The petrochemical industry consumes 30 percent of the energy consumed by the manufacturing industry worldwide. It uses up 12 percent of the global output in petroleum with an upward trend.The petrochemical giants are looking for ways to survive in a world without fossil fuels. British oil and gas company BP has announced it will reduce oil and gas production by 40 percent within ten years and massively invest in renewable energies. In Taiwan the petrochemical industry plays a major role in the manufacturing sector, accounting for 11 percent of total sector output and 14 percent of its carbon emissions.Carbon tax to push up prices, affecting exports “The biggest challenge that Taiwan’s petrochemical industry is going to face in the next decade is CO2 emissions,” warns Lin Shu-hong, president of the petrochemicals conglomerate Chang Chun Group (CCPG), which posted revenue worth NT$400 billion last year. He predicts that, “once a carbon tax is levied, the situation will look bleak for exports of Taiwanese plastic products.”https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-2170453158736179&output=html&h=280&adk=3169869649&adf=1187926205&pi=t.aa~a.2612364979~i.13~rp.4&w=645&fwrn=4&fwrnh=100&lmt=1665177248&num_ads=1&rafmt=1&armr=3&sem=mc&pwprc=8691796294&ad_type=text_image&format=645×280&url=http%3A%2F%2Fwww.asiatoday.com%2Fpressrelease%2Fmoving-towards-world-without-oil-how-can-taiwan%25E2%2580%2599s-petrochemical-industry-adapt&fwr=0&pra=3&rh=162&rw=645&rpe=1&resp_fmts=3&wgl=1&fa=27&adsid=ChEI8J25mgYQnpjM47j8t_ioARI9ABQ6NfVDOSmfojykxfPa-ZfrloG7ZaVM6vX81KqAcXWnEMse97jz3GUpeK3zGXy7yj20sowAhJYvx1TWVw&dt=1666076494059&bpp=1&bdt=3250&idt=-M&shv=r20221013&mjsv=m202210120101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D9cbca378c03fc5b1-22bfa7b137d600f7%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_Mb6dWd30ul7a6Tt11kKvIt2sUzgFw&gpic=UID%3D000008dd1cf2a154%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_MYPZNvh_ERpBLehp5gNleunhGKDqw&prev_fmts=0x0%2C645x280&prev_slotnames=7834499131&nras=3&correlator=6888350022102&frm=20&pv=1&ga_vid=103887585.1666076423&ga_sid=1666076423&ga_hid=1013215904&ga_fc=1&u_tz=-420&u_his=2&u_h=864&u_w=1536&u_ah=824&u_aw=1536&u_cd=24&u_sd=1.25&adx=296&ady=1660&biw=1519&bih=754&scr_x=0&scr_y=0&eid=44759875%2C44759926%2C44759842%2C44774718%2C42531706%2C31069178%2C31070320%2C31070385%2C31068920&oid=2&psts=APxP-9Cx3-LxXBl9j7B1ekoei5xv7d_R2Vk5DyB1fOWJfSHinBGN5UPJhW3PIrGoOke4tnOm7xquVG7YH-okijA&pvsid=2801374550087789&tmod=1677232632&uas=0&nvt=1&ref=http%3A%2F%2Fwww.asiatoday.com%2F&eae=0&fc=1408&brdim=0%2C0%2C0%2C0%2C1536%2C0%2C1536%2C824%2C1536%2C754&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=23&jar=2022-10-18-06&ifi=4&uci=a!4&btvi=2&fsb=1&xpc=z9MUCXGWrE&p=http%3A//www.asiatoday.com&dtd=22Taiwan’s petrochemical industry exports 40 percent of its output. Thirty percent of these exports are shipped to the United States, the European Union, and Japan, which are all planning to introduce a tax on carbon emissions. The EU is going to take the lead next year. The Industrial Technology Research Institute (ITRI) estimates that in Taiwan petrochemical industry output worth more than NT$180 billion could be affected within the coming four years.Carbon taxes put a price on the environmental cost of production, which means that petroleum products will no longer be cheap. “It would be quite naïve to expect products to become green without prices going up,” says Kin Wah Chay, managing director of BASF Taiwan.Costs for the research and development of greener processes will eventually be passed on to downstream manufacturers.UN declares war on plastics At the United Nations Environment Assembly, which convened in Nairobi, Kenya, in early March, 175 countries endorsed a resolution that launched negotiations to draft an international convention to end plastic pollution.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-2170453158736179&output=html&h=280&adk=3169869649&adf=3277269878&pi=t.aa~a.2612364979~i.21~rp.4&w=645&fwrn=4&fwrnh=100&lmt=1665177248&num_ads=1&rafmt=1&armr=3&sem=mc&pwprc=8691796294&ad_type=text_image&format=645×280&url=http%3A%2F%2Fwww.asiatoday.com%2Fpressrelease%2Fmoving-towards-world-without-oil-how-can-taiwan%25E2%2580%2599s-petrochemical-industry-adapt&fwr=0&pra=3&rh=162&rw=645&rpe=1&resp_fmts=3&wgl=1&fa=27&adsid=ChEI8J25mgYQnpjM47j8t_ioARI9ABQ6NfVDOSmfojykxfPa-ZfrloG7ZaVM6vX81KqAcXWnEMse97jz3GUpeK3zGXy7yj20sowAhJYvx1TWVw&dt=1666076494059&bpp=1&bdt=3251&idt=1&shv=r20221013&mjsv=m202210120101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D9cbca378c03fc5b1-22bfa7b137d600f7%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_Mb6dWd30ul7a6Tt11kKvIt2sUzgFw&gpic=UID%3D000008dd1cf2a154%3AT%3D1666076423%3ART%3D1666076423%3AS%3DALNI_MYPZNvh_ERpBLehp5gNleunhGKDqw&prev_fmts=0x0%2C645x280%2C645x280&prev_slotnames=7834499131&nras=4&correlator=6888350022102&frm=20&pv=1&ga_vid=103887585.1666076423&ga_sid=1666076423&ga_hid=1013215904&ga_fc=1&u_tz=-420&u_his=2&u_h=864&u_w=1536&u_ah=824&u_aw=1536&u_cd=24&u_sd=1.25&adx=296&ady=2303&biw=1519&bih=754&scr_x=0&scr_y=0&eid=44759875%2C44759926%2C44759842%2C44774718%2C42531706%2C31069178%2C31070320%2C31070385%2C31068920&oid=2&psts=APxP-9Cx3-LxXBl9j7B1ekoei5xv7d_R2Vk5DyB1fOWJfSHinBGN5UPJhW3PIrGoOke4tnOm7xquVG7YH-okijA&pvsid=2801374550087789&tmod=1677232632&uas=0&nvt=1&ref=http%3A%2F%2Fwww.asiatoday.com%2F&eae=0&fc=1408&brdim=0%2C0%2C0%2C0%2C1536%2C0%2C1536%2C824%2C1536%2C754&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=23&jar=2022-10-18-06&ifi=5&uci=a!5&btvi=3&fsb=1&xpc=GvuB6wlY5K&p=http%3A//www.asiatoday.com&dtd=29On the agenda are restricting the production of plastics and banning single-use plastics. Negotiations for the legally binding agreement are expected to conclude in 2024.“In the future, the circular use of carbon will be decisive for the survival of the petrochemical industry,” notes Liu Chih-chung, who is a division head at the Industry, Science and Technology International Strategy Center of ITRI.The oil economy transitioning to a circular carbon economy |
