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Carbon pricing - Indian chemical industry will need to factor in high prices
Jun 01: Indian companies are inadequately represented in the over 1,300 companies -- including more than 100 Fortune Global 500 companies with collective annual revenues of about US$7 trillion which disclosed that they are using an internal price on carbon to inform their decision making, or plan to do so.
8While most companies use internal carbon pricing as a tool to manage potential climate-related risks, some companies also see additional benefits internal carbon pricing provides for improving cooperation within the company, particularly between finance and sustainability departments and senior management.
8The consensus carbon prices for the power sector to decarbonize by 2050, is in the range of US$24–36/tCO2e in 2020 and US$38–100/tCO2e by 2035.
8Importantly, the consensus carbon prices of US$30–50/tCO2e in 2020 and US$50–100/tCO2e in 2035 will be needed to put the chemical sector on a pathway in line with the Paris Agreement.
8The chemical and petrochemical sector as a consequence see a dramatic overhaul in its production processes.
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