Glasgow Climate Conference Will COP26 be a Turning Point for International Climate Policy?

Apparently not for the German Chemical Industry Association (VCI) as many countries across the globe are yet to commit to reducing CO2 emissions in the near future. Europe on the other hand has been getting into uncomfortable spaces to make its economy climate-neutral. An insight into some of the key figures of the German chemical industry are also mentioned here.

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Frankfurt/Germany – Despite small successes, the German Chemical Industry Association (VCI) does not yet see the final report adopted at the Glasgow climate conference (COP26) as a decisive turning point for international climate policy.

For VCI CEO Wolfgang Große Entrup, the positive initiatives from Glasgow cannot hide the fact that many nations continue to reject rapid CO2 reductions. According to Große Entrup, many countries would continue to postpone inconvenient measures into the future, while Europe is already massively pushing ahead with the climate-neutral restructuring of its economy.

To make progress internationally, he believes the EU should do two things: Flank its ambitions with climate diplomacy and establish a climate club of the willing with resilient mitigation pledges at the G20 level. And it must ensure that domestic industry in Europe does not come under too much additional competitive pressure during the transition, he said.

The VCI CEO sees a critical starting point in global emissions trading together with partners outside the EU. Although the rules of the game were better defined in Glasgow, no specifics were given. According to Große Entrup, a global standard for CO2 pricing would massively help climate protection. It would also reduce competitive disadvantages for sites in Europe. To achieve climate-neutral production, the German chemical industry would have to make considerable investments in the coming decades. This is only possible if production in the EU is also economically sustainable, said Große Entrup.

VCI’s latest data report ‘Chemical Industry in Figures’ provides a comprehensive overview of key figures of the German chemical-pharmaceutical industry. Some of them are mentioned here

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