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Working Paper ID-065 On a geographical basis, European chemical firms have reportedly been among the first to adopt circular economy principles.144 The EU is also considered a likely location for such projects given its published goals to reduce emissions; proactive government policies such as RED II and its biofuels mandates; large industrial sector; its renewable energy resource base; and its goal to increase renewable power to 20 percent of EU energy use in 2020 and to become “the world’s first climate-neutral continent by 2050.”145 Also, funding in Europe is reportedly becoming more available as pension funds and investment funds move away from fossil-fuel investments.146 One source, speaking of the European chemical industry, notes that CCU would allow the industry to reduce its reliance on fossil fuels (which can undergo substantial pricing swings and supply volatility) and “at the same time create a new source for European competitiveness versus raw material rich regions.”147 Another source states that European leadership in development and deployment of clean-energy technologies translates to a global competitive advantage.148 Firms in other regions are also said to be focusing on building such principles into their operating models.149 China is considered a likely location for chemical projects using waste carbon, given its efforts to keep its economy growing by focusing on manufacturing and the related growth in its steel and cement industries.150 As mentioned earlier in this paper, several reasons are cited for Chinese projects, including the country’s goals to reduce industrial emissions and improve air quality (particularly as China seeks to transition to innovative, value-added production); China’s reported concerns about its import reliance on fossil fuels; and the availability of funding, particularly from the Chinese government.151 Other factors cited include the large sizes of its steel and chemical industries versus those in other countries and its need for bioethanol, given its mandate to use E10 gasoline nationally by 2020. Many things are in flux: technologies are still being developed and scaled up; government policies are being implemented; business models are being established; funding is still being sought; the costs of installing the new technologies;152 and the supply and pricing of fossil fuels remain volatile. But steel companies, refineries, and chemical companies are increasingly starting to use waste carbon emissions as feedstocks for chemicals and there are significant supplies of waste carbon from global industrial emissions worldwide for companies to use. A report from CO2 Sciences and The Global CO2 Initiative estimates that seven billion metric tons of CO2 emissions per year—about 15 percent of global 144 Alperowicz, “Circular Economy: A Beyond-Borders Initiative,” Chemical Week, May 27, 2019. 145 Eurostat Statistics explained, “Renewable Energy Statistics,” January 2020. 146 Mooney, “Growing Number of Pension Funds Divest from Fossil Fuels,” Financial Times, April 28, 2017; industry representative, telephone interview with USITC staff, October 16, 2019. Addressing capital availability, one source notes that capital costs needed to develop CCU projects in Europe can amount to about 100–140 billion Euros. Elser and Ulbrich, “Taking the European Chemical Industry into the Circular Economy,” Executive Summary, 2017, 8. 147 Elser and Ulbrich, “Taking the European Chemical Industry into the Circular Economy,” Executive Summary, 2017, 7. 148 CO2 Reuse Summit, “European Commission’s ETS Innovation Fund,” Latest News, February 28, 2019. 149 Alperowicz, “Circular Economy: A Beyond-Borders Initiative,” Chemical Week, May 27, 2019. 150 Economist, “From Smog to Slog,” September 21–27, 2019, 47-48. 151 In 2018, China reportedly imported about 72 percent of its crude petroleum supplies and 43 percent of its natural gas. Economist, “From Smog to Slog,” September 21–27, 2019, 47-48. 152 Economist, “From Smog to Slog,” September 21–27, 2019, 47-48. The article mentions that China might be less inclined to spend more addressing emissions controls going forward as the Chinese economy slows, saying that China’s prime minister cited worldwide economic slowdowns and current uncertainties related to trade. 28 | www.usitc.govPDF Image | Using Waste Carbon Feedstocks to Produce Chemicals
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