Global Chemical Companies Sign Agreement on R&D Hub for Plastic Waste Processing Incubated by World Economic Forum
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- Seven member companies of the Low-Carbon Emitting Technologies (LCET) initiative have signed a collaboration agreement
- Hub will focus on developing new technologies for waste processing with lower CO2 footprint and greater levels of plastic waste recycling
- The LCET R&D Hub is the first project to be launched from the CEO-led initiative
Seven member companies of the World Economic Forum’s Low-Carbon Emitting Technologies (LCET) initiative have signed a collaboration agreement with the independent research organization TNO to establish an R&D Hub for Plastic Waste Processing. The seven companies include BASF, Covestro, Dow, Mitsubishi Chemical, SABIC, Solvay and Lyondell Basell. The hub will focus on developing new technologies for waste processing with a lower CO2 footprint and greater levels of plastic waste recycling.
This co-creation between the LCET members, TNO experts and innovation partners will result in practical and disruptive technology solutions to allow increased levels of circular plastics with a lower environmental footprint.
As a private sector-driven initiative, the R&D Hub projects are aimed at making significant progress on more sustainable plastic waste processing and helping to address industry-specific topics related to the development of mechanical and chemical recycling routes. The first set of projects is due to launch in the second half of 2023.
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Roberto Bocca, Head of the Centre for Energy and Materials and Member of the Executive Committee, World Economic Forum, said, “We are excited to witness the launch of the R&D Hub, which will drive innovative solutions for waste processing with lower carbon emissions and enhanced circularity. The Forum is proud to have incubated the Hub through the LCET Initiative and is committed to further progressing in this space”.
The LCET R&D Hub is the initiative’s first project launch, with further projects in development for 2023. Martin Brudermüller, LCET Chair and Chairman of the Board of Executive Directors of BASF, said, “Finding solutions to protect our climate is a global, societal task that will only succeed if we all contribute with our best ideas. Launching the first spin-off project out of the LCET initiative is a significant achievement and milestone for all the member companies. This enables us to develop breakthrough technologies while sharing early-stage risks. Bringing together seven leaders operating in the same marketplace demonstrates the collaborative spirit in the LCET-initiative that transforms ambition into action”.
TNO will lead the technology development. Henk-Jan Vink, TNO’s Managing Director, said, “We are honoured to be selected as the host and orchestrator of this great initiative. TNO is confident to further build on its experience in the field of circular modelling, packaging and materials know-how and provide the industry with fit-for-use solutions”.