Major chemical companies to establish low carbon development platform

In Germany, Clariant has reached an agreement with the World Economic Forum and major chemical companies to establish a breakthrough development platform by 2023. A Project Development Company will be designed as a new stand-alone entity operating on a pre-competitive basis and supporting partners in setting set-up joint projects aiming to share early-stage development risks and invest jointly in the development and implementation of low-carbon technologies.

This agreement follows a two-year collaboration between WEF and the founding companies of the LCET initiative, including Air Liquide, BASF, Covestro, Dow, Mitsubishi Chemical Corp, Royal DSM, SABIC, SIBUR and Solvay. The joint venture represents the transition from a knowledge-sharing platform to an implementation tool aimed at accelerating greenhouse gas reductions in the chemical production chain.