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Circular economy: New Accenture study shows opportunities for EU chemicals

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03/16/2017 | 10:38am CEST

Brussels, 16 March 2017 - A new Accenture study demonstrates the potential of the EU chemical industry to be a driver for the success of the circular economy, showing that chemicals could help reduce overall European energy consumption by up to 37 percent.

The chemical industry is a supplier to virtually every other industry. As a result, it could enable circular economy models for its downstream customers. The potential upside in terms of energy savings is tremendous. The chemical industry itself accounts for only approximately 5 percent of Europe's energy consumption, but with its extended impact across industries, chemicals could help reduce overall European energy consumption by up to 37 percent, including in transportation. Accenture calculates that chemical products could be instrumental in helping reduce transportation industry energy usage from 349 Mtoe to 157 Mtoe by 2030.

Click here to download the executive summary

Moving to a circular economy will be a gradual process. Chemical companies will be able to bend the linear 'take-make-dispose' models, working on the two ends-raw materials and increased recyclability of end products-and continue moving forward until they have created a circular model.

Creating and operating new circular economy processes requires large amounts of renewable energy and significant investments. However, the benefits of adopting a circular model can curb energy usage for conventional chemicals production. Extensive re-use of molecules can shrink markets for fossil-based feedstock and basic chemicals, and reduced production would drive industry-wide energy savings. The EU chemical industry looks forward to playing a pioneering role in driving forward these sustainable business models for the benefit of society.

CEFIC - European Chemical Industry Council published this content on 16 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 March 2017 09:38:04 UTC.

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