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View Article Online Faraday Discussions Paper future. Furthermore if a process is based on sequestration of CO2 by formation of biomass, one needs to consider questions of land usage, of “food versus chem- icals” as well as water usage, all of which impact the overall sustainability.20 Tomorrow's world may be different Unlike academic research, commercial chemical manufacture has to face economic reality. This means that any CO2-based process will be fully exposed to changes in the nancial environment. Government subsidies can change rapidly with changes of government or policy. In this context it is important to remember that, although CO2-based chemistry cannot make a signicant impact on overall anthropogenic CO2 emissions, it could reduce the emissions from a particular plant or company; such a reduction could give a signicant scal advantage to that company. Also, the global oil price, which is a key parameter in determining the commercial viability of any CO2-based process, can uctuate widely; for example the price of Brent Crude has dropped by nearly 50% over the last 12 months,21 gravely affecting the economics of otherwise attractive processes using alternative carbon sources. On the other hand, the possibility of providing an outlet for uctuating “excess” renewable energy could constitute a novel, quite unexpected business opportunity in the future.22,23 Hence, the distinction between economically “useful” or “useless” processes is likely to depend on time and place, leading to different strategies when devising short-term and long-term goals in science. Cleaner than existing process? Just like in any chemical process, “greenness” should be an a priori criterion for CO2 Chemistry: it seems only sensible that any new process should be cleaner (or at least not dirtier) than any existing process that it replaces. This is more than a mere gesture towards environmentalism. Disposal of waste has become a signicant and increasing cost for chemical producers and the more toxic the waste, the more expensive is its disposal. Importantly, CO2 holds great potential also in this context; it is a non-toxic, safe reagent as compared to many other C1-building blocks, oen producing water as the only by-product. Ideally, the energetic and material aspects of the “green” approach work together to minimize both energy requirements and the waste produced, and it can be a very difficult task to balance the benets and drawbacks if this is not the case.24 High volume or high value products? This is an absolutely key question. If one is aiming to make high volume/low value products, any CO2-based process must necessarily be low cost, thereby removing the option of using expensive catalysts or other costly processing options. Such processes will also be particularly vulnerable to uctuations in the price of oil because feedstock price will be a large proportion of the cost of the nal product. Conversely, if one is making low volume/high value products, the price of the feedstock will be only a small component in the overall cost and so any cost advantage of CO2 as a feedstock may only be marginal. An attractive option, therefore, may be to aim for medium volume/medium value products where the 12 | Faraday Discuss., 2015, 183, 9–17 This journal is © The Royal Society of Chemistry 2015 Open Access Article. Published on 03 November 2015. Downloaded on 30/08/2016 10:44:04. This article is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported Licence.PDF Image | The Twelve Principles of CO2 CHEMISTRY
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