India’s chemical industry, the 6th largest globally, contributes 7% to the country’s GDP, but also significantly contributes to greenhouse gas emissions. To achieve Net Zero, the industry must transition from fossil fuels to renewable energy sources and from fossil carbon to renewable carbon sources. Hindustan Unilever (HUL) has collaborated with the Resource Efficiency and Circular Economy (RECEIC) industry coalition to form a working group on “Material Transition” to achieve this goal. The working group has identified five key pillars: Technology Development, Industry and Economic Competitiveness, Supply Chain Development, Risk Financing, and Green Public Procurement and Consumer Awareness. The group has also proposed measures such as dedicated funds for bio-based chemicals technology, innovations in financial instruments, and public procurement targets to promote sustainable practices. The goal is to reduce India’s dependence on fossil fuel imports, create jobs, and attract foreign investments. An award for “Materials Transitions” has been introduced to recognize outstanding contributions to sustainability, resource efficiency, and circularity in the chemical industry.
Industry leaders pinpoint key catalysts for a seamless chemical material transformation
