china is the world's largest producer and consumer ofchemical products.China's chemicals industry accountsfor 20% of the total national industrial emissions and 13%of the country's total coz emissions.' The zero-carbontransformation of the chemicals industry is of greatsignificance to the national goal of carbon neutrality andthe low-carbon transformation of the global chemicalsvalue chain.
Challenges and opportunities coexist in the process oftransformation.The zero-carbon transformation of China'schemicals industry faces three main challenges:
The overall demand for major chemical products inChina will continue to increase.
Chemical production in China is highly dependent oncoal, which has a carbon intensity much higher than thatof other fuels and feedstocks.
Existing production assets are relatively young, andthe risk of stranded assets may be higher due to rapidtransformation.
Also, there are three major opportunities:
China has a strong capability in technology integrationand a large market scale, which enables rapid scale-upof new technology deployment.
Key players in China's chemicals industry are mainlystate-owned, so they have the ability and resources tolead the overall industry.