Investors managing more than $4 trillion in assets have told European chemical companies they must set out a path to move away from fossil fuels, saying that the sector's role in greenhouse gas emissions has been overlooked.
"Europe's chemical companies need to know that action on decarbonisation isn’t optional," said Vincent Kaufmann, CEO at Ethos Foundation, one of the investors.
"The progress we have seen over the past 18 months, with some companies setting increasingly ambitious targets and transition plans, indicates that sustained investor engagement is important and effective." Penny Fowler, Head of Corporate Climate Campaigns at ShareAction, the responsible investment NGO that has co-ordinated the investor statement, said the chemical industry's reliance on fossil fuels was "often overlooked as a major contributor to global warming.""We have set ambitious targets for further reductions ...
In its statement, the investors said the chemicals firms should establish credible decarbonisation plans that include efforts to electrify chemical production processes and switching to greener energy sources. Other recommendations include chemical firms changing the raw materials used in chemical production processes to emissions-neutral materials instead of fossil fuels, and eliminating woody biomass as an energy source.
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