The Low-Carbon Emitting Technologies (LCET) initiative, nurtured by the World Economic Forum for over three years, has transitioned into the standalone Global Impact Coalition. Its mission is to steer the global chemical industry towards achieving net-zero emissions by 2050.

The CEO-led coalition, comprising BASF, SABIC, Covestro, Clariant, LyondellBasell, Mitsubishi Chemical Group, and Solvay, aims to expedite the advancement and upscaling of low-carbon technologies in chemical production and related value chains. Prioritizing innovation, partnerships, and the pursuit of net-zero production methods, the Coalition seeks to play a crucial role in achieving carbon neutrality and promoting sustainable growth.

“After over three years of incubation within the World Economic Forum and led by tangible results in the decarbonization space, we are delighted to witness the Global Impact Coalition emerge as an independent legal entity,” commented Børge Brende, President, World Economic Forum. “We are dedicated to nurturing our strong relationship, bolstering sustainability and innovation within the chemicals sector.”

“I see immense potential in reshaping the chemical industry’s impact on our planet. One of our goals is in forging new pathways to achieve this, through collaboration, business model transformation, and solid partnerships that create true value in our drive to a net zero future. I am extremely excited to lead the charge, focused on less talk, more results”, said Charlie Tan, Global Impact Coalition’s Chief Executive Officer.

At the heart of the global economy, the chemical industry supplies essential materials for 95% of all manufactured goods. Adopting sustainable carbon sources is crucial in the fight against climate change across various sectors.