The Asian Petrochemical Industry Conference was held, and attendees pointed out that the Asian petrochemical industry urgently needs transformation

Recently, at the Asia Petrochemical Industry Conference (APIC) held in New Delhi, India, industry leaders generally focused on the theme of sustainability. The participants pointed out that in view of the fact that the current environmental regulations, legislation and goals in Asia are more backward than those in the EU, the biggest challenge facing the Asian petrochemical industry is to make strategic readjustments to the Sustainable Development Goals while meeting demand growth. However, as Europe and the United States have already begun adjustments, the transformation process in Asia must accelerate.

Representatives from various countries attach great importance to it

APIC participating countries have short-term goals to reduce carbon emissions by 2030. By 2030, Japan has set a goal of reducing its greenhouse gas emissions by 46%, India by 30-35%, Malaysia by 45%, Singapore by 36%, South Korea by 27%, and Thailand by 20%. At the APIC, representatives from participating countries generally attach great importance to sustainable development issues.

Mitchell Keeling, Acting President of the Korean Petrochemical Association, stated at this conference: “Ecological awareness will determine the spirit of our times, and we will see people’s expectations for the adjustment of the petrochemical industry increasing. We must face the challenges and opportunities brought by a series of environmental protection measures implemented simultaneously

Keiichi Iwata, Chairman of the Japan Petrochemical Industry Association, pointed out that Asian demand for petrochemical products is expected to continue to grow at an annual growth rate of 4.0%, and the increase in greenhouse gas emissions must be addressed through the development and implementation of new technologies. Iwata stated that the total annual greenhouse gas emissions of APIC members are 6 billion tons, and international cooperation is crucial to solving this problem.

Akbar Tayeub, chairman of Malaysian Petrochemical Association, told the delegates: “Sustainable development is no longer just a catchword, but a key requirement for future growth.” Akbar said that the Asian petrochemical industry must focus on three key areas: reducing the environmental footprint, promoting social responsibility and promoting innovation. All APIC members will be committed to achieving carbon neutrality by 2050, while India’s goal is to achieve carbon neutrality by 2070.

Charoenchai Pratuengsuksri, Chairman of the Petrochemical Industry Club under the Thai Industrial Alliance, stated that cooperation among industry participants will also play a crucial role in promoting sustainable practices.

Plastic recycling becomes key

Participants pointed out that the Asian petrochemical industry is facing four key trends that determine its net zero emission pattern, namely circular economy, energy transformation, urbanization, and emission reduction technologies. In terms of building a circular economy, Asia faces a dilemma: it is not only the world’s largest plastic production and consumption region, but also a huge new plastic market with significant demand expansion. Participants believe that if the Asian recycling plastic industry is to become a huge economic opportunity, the Asian petrochemical industry urgently needs to undergo relevant transformation.

At the meeting, Justin Wood, vice president of the Asia Pacific region of the Alliance for the Elimination of Plastic Wastes, said that in Economy of India, the per capita plastic consumption is currently less than half of the global average, but due to the rapid growth of Indian economy, the plastic waste problem.

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