Renewables Accelerate Chemical Growth
Green gurus saw the chemical industry at a crossroads at Elevance Sustainable Chemistry's roundtable
AFTER DECADES of innovation slowdown, the chemical industry is finding a new growth platform - green chemistry.
In last month's roundtable hosted by Illinois, US-based start-up firm Elevance Renewable Sciences, several top leaders in green chemicals and renewable sciences predict a brighter future for the chemical industry in general as it turns toward green chemistry for solutions to the industry's lagging growth.
Elevance CEO K'Lynne Johnson noted the dramatically slowed pace of innovation in the chemical industry since 1970 as it focused more on driving efficiency and reducing costs. Green chemistry, she said, is a part of a new wave that is transforming the $3 trillion chemical industry.
"Not only will it lead the chemical industry towards a sustainable path, but it will again provide a new platform for innovation and growth," said Johnson. "Green chemistry also has the potential to help stimulate the economy and create more jobs."
Founded in 2008, Elevance has around 100 employees. Coinciding with the roundtable event was the official opening of the company's new facility and laboratory in Bolingbrook, Illinois.
"What began as a grant by the Department of Energy has led to the creation of 100 jobs and counting," said Johnson. "One of the high priorities in the US today is the creation of new jobs. The American Chemistry Council estimates that each one job in chemistry generates 5.5 additional jobs elsewhere in the economy."
Bryce Lee, managing director for US-based Credit Suisse's investment banking division, expects green chemistry to be the next big wave in clean technology investments, following wind and solar. Drivers for this trend, he said, include positive public emphasis on the environment in general, the Obama policies that focus on climate change and sustainability, and long-term cost reduction benefits in implementing green chemistry.
"Despite the financial turmoil, the renewables industry and green chemistry in particular is still an attractive market for both private and public investors," said Lee. "Green chemistry is very new and has great potential. We continue to see investments in this space, and it is not going away."
When the sustainability of green chemistry was questioned, Andrew Gilicinski, director of technology brokerage and innovation at US-based consumer products firm Clorox, said that the green trend this time is permanent.
"The debate in climate change has fundamentally reset people's perceptions," said Gilicinski. "People are now willing to change their own personal behavior and the products they use to try to improve their health, safety and personal environment."
The challenge, he added, is the limited green chemistry toolbox available today in order to respond to these changing consumer needs.
WHERE TO START?
Partnerships, according to several panelists, are an important key in moving forward the opportunities for green chemistry.
Cited as an example was the American Chemical Society's (ACS) Green Chemistry Institute (GCI) program where chemical and pharmaceutical companies as well as government groups and public advocates have been collaborating to promote green chemistry.
"Chemists have to think outside the box in various different ways in order to advance green chemistry," said David Long, president of Environmental Sustainability Solutions, and member of GCI's board of governors.
"Companies, even competitors, have to work together in order to make sure that we promote green chemistry the right way based on science and innovation," he added.
In order for green chemistry to spread, however, it has to start in school curriculums, said John Warner, director of Warner Bobcock Institute for Green Chemistry.
Warner noted that typical degree programs in chemistry do not require courses in toxicology or environmental mechanisms of harm, which is crucial in creating benign molecules.
"Society wants safe and environmentally responsible materials," said Warner. "What better time to be a chemist or a scientist to be working in an industry that could solve society's problems?"
He added that about 65-70% of manufactured molecules today are not benign and are controlled by containment.
The roundtable panelists also included 2005 Nobel chemistry prize recipient Robert Grubbs, who developed metathesis technology, which Elevance is using to convert renewable resources into specialty chemicals.
AFTER DECADES of innovation slowdown, the chemical industry is finding a new growth platform - green chemistry.
In last month's roundtable hosted by Illinois, US-based start-up firm Elevance Renewable Sciences, several top leaders in green chemicals and renewable sciences predict a brighter future for the chemical industry in general as it turns toward green chemistry for solutions to the industry's lagging growth.
Elevance CEO K'Lynne Johnson noted the dramatically slowed pace of innovation in the chemical industry since 1970 as it focused more on driving efficiency and reducing costs. Green chemistry, she said, is a part of a new wave that is transforming the $3 trillion chemical industry.
"Not only will it lead the chemical industry towards a sustainable path, but it will again provide a new platform for innovation and growth," said Johnson. "Green chemistry also has the potential to help stimulate the economy and create more jobs."
Founded in 2008, Elevance has around 100 employees. Coinciding with the roundtable event was the official opening of the company's new facility and laboratory in Bolingbrook, Illinois.
"What began as a grant by the Department of Energy has led to the creation of 100 jobs and counting," said Johnson. "One of the high priorities in the US today is the creation of new jobs. The American Chemistry Council estimates that each one job in chemistry generates 5.5 additional jobs elsewhere in the economy."
Bryce Lee, managing director for US-based Credit Suisse's investment banking division, expects green chemistry to be the next big wave in clean technology investments, following wind and solar. Drivers for this trend, he said, include positive public emphasis on the environment in general, the Obama policies that focus on climate change and sustainability, and long-term cost reduction benefits in implementing green chemistry.
"Despite the financial turmoil, the renewables industry and green chemistry in particular is still an attractive market for both private and public investors," said Lee. "Green chemistry is very new and has great potential. We continue to see investments in this space, and it is not going away."
When the sustainability of green chemistry was questioned, Andrew Gilicinski, director of technology brokerage and innovation at US-based consumer products firm Clorox, said that the green trend this time is permanent.
"The debate in climate change has fundamentally reset people's perceptions," said Gilicinski. "People are now willing to change their own personal behavior and the products they use to try to improve their health, safety and personal environment."
The challenge, he added, is the limited green chemistry toolbox available today in order to respond to these changing consumer needs.
WHERE TO START?
Partnerships, according to several panelists, are an important key in moving forward the opportunities for green chemistry.
Cited as an example was the American Chemical Society's (ACS) Green Chemistry Institute (GCI) program where chemical and pharmaceutical companies as well as government groups and public advocates have been collaborating to promote green chemistry.
"Chemists have to think outside the box in various different ways in order to advance green chemistry," said David Long, president of Environmental Sustainability Solutions, and member of GCI's board of governors.
"Companies, even competitors, have to work together in order to make sure that we promote green chemistry the right way based on science and innovation," he added.
In order for green chemistry to spread, however, it has to start in school curriculums, said John Warner, director of Warner Bobcock Institute for Green Chemistry.
Warner noted that typical degree programs in chemistry do not require courses in toxicology or environmental mechanisms of harm, which is crucial in creating benign molecules.
"Society wants safe and environmentally responsible materials," said Warner. "What better time to be a chemist or a scientist to be working in an industry that could solve society's problems?"
He added that about 65-70% of manufactured molecules today are not benign and are controlled by containment.
The roundtable panelists also included 2005 Nobel chemistry prize recipient Robert Grubbs, who developed metathesis technology, which Elevance is using to convert renewable resources into specialty chemicals.
quoted from: www.ICIS.com
