Chemicals could nevertheless help to reduce energy consumption and thereby reduce greenhouse gas emissions, Squinzi emphasized: "A McKinsey study found that for every tonne of greenhouse gas (GHG) emitted by our industry, its products save over two tonnes of greenhouse gas emissions. They concluded that by 2030 – with the right policies under a global framework – the GHG emissions savings enabled by the chemical industry could rise to more than four tonnes for every one tonne of chemical industry emissions."
He also emphasizes that the European chemical industry still supports the goal to cut the EU's emissions by 20 percent until 2020. He is, neverthless, sceptical about the political framework that current administrations offer: "Policymakers say that a higher emissions target will lead to more innovation and create more green jobs, but that will not happen in the current EU policy environment." Especially profits from emission trading should be used to boost further researches in Europe.
Squinzi closed his speech with an appeal to politicians and manufactures to ensure reliable, safe and affordable energy and to keep the focus on developing new products and processes to reduce Europe's dependency from fossil fuels: "To achieve the goals of a low-carbon economy in Europe, more emphasis must be placed on research and development and the future innovations that will lead us to even more efficient energy use. China and the United States are putting their money on innovation, shouldn’t we? ETS revenues placed into R&D for the next “breakthroughs” that help mitigate climate change would be a step in the right direction," Squinzi said in Birmingham.