UPDATE 1-Dow exec sees local weather modify as option for petchem innovation
(Updates with new headline)
By Florence Tan and Gavin Maguire
SINGAPORE, Feb 25 (Reuters) – Dow Inc is adjusting its carbon footprint and products slate to adapt to climate adjust and tap evolving consumption traits tied to the worldwide electrical power changeover, a senior government said this week.
Dow has pledged to grow to be carbon neutral by 2050 by boosting the use of renewable energy, these kinds of as wind ability in the southern United States, and by improving energy effectiveness at its petrochemical plants, Dow’s Asia Pacific President Jon Penrice instructed Reuters on Wednesday.
It is also establishing products that assistance prospects slash their possess emissions this sort of as sealants that boost heating efficiencies in structures, supplies to lighten electric powered automobiles and make batteries more efficient, he claimed.
“We basically see local weather adjust as a thing which is incredibly likely to come about, high likelihood and higher effect,” Penrice explained.
“It truly is going to be a major prospect I assume for lots of, quite a few gamers in the petrochemical business.”
Eco-friendly Press
Dow released its MobilityScience system past year aimed at tapping the “lightweighting” force between auto companies seeking to raise the selection and decrease the electric power wants of electrical cars (EV).
“We have global gross sales nowadays of 3 million (EVs), which is only 4% of the worldwide sector, but which is rising incredibly quickly in Asia Pacific, generally in China, but also all around the rest of the environment now,” Penrice stated.
“You have to redesign every little thing from lighter fat components, lengthier-variety overall performance, battery supplies, ease and comfort and basic safety in the motor vehicle, and general a decreased carbon footprint.”
Dow is collaborating with common initial machines companies and EV startups in China, Penrice claimed.
Dow has also specific the wind vitality sector with elements that toughen wind turbine blades which are now four- to five-periods extended than in advance of, and using coatings to make them resistant to icing all through winter, he additional.
The corporation is also planning solutions geared toward a round economy, this sort of as single-layer foodstuff packaging that can be more very easily recycled.
Desire Recovery
Dow, the third-greatest petrochemical producer immediately after BASF and Sinopec, observed solid product sales of packaging and property care products last 12 months, boosted by need for cleaning and takeaway food items for the duration of the pandemic lockdowns, Penrice explained.
That lifted the firm’s revenue to $10.7 billion in the fourth quarter, 4.7% higher than the exact same quarter in 2019, despite the fact that annual profits fell 10.5% from a year before to $38.5 billion in 2020.
China is envisioned to remain the principal expansion engine in Asia, but Japan, South Korea and some Southeast Asian marketplaces could see double-digit boosts in gross domestic product from a reduced base final yr, Penrice said.
“We have witnessed a broader-primarily based recovery now in marketplaces linked to issues that have been incredibly weak very last year, like automotive need which has recovered,” he claimed, noting that China’s car or truck product sales have risen for 6 months in a row.
Dwelling enhancement solutions such as building coatings, sealants, appliances and furniture have also noticed a “sturdy increase” as individuals spend disposable money, he explained. (Reporting by Florence Tan and Gavin Maguire Modifying by Christian Schmollinger)