Wei Siwei: The chemical industry should reduce its dependence on scarce resources
The global economy's relentless expansion has accelerated the exhaustion of fossil fuel reserves, putting pressure on chemical companies that have long depended on non-renewable resources. In a recent exclusive interview with Shanghai Securities News, Hans Wijers, CEO of AkzoNobel—the world’s leading paint company—emphasized that the industry must drastically reduce its reliance on these finite materials. He stated that sustainable development is no longer just an option but the fundamental pillar for survival and growth in the coming decades.
Wei Siyi, a prominent figure in the sector, highlighted that resource scarcity is one of the most pressing challenges facing the chemical industry today. With global non-renewable resources dwindling and emerging markets driving up demand and prices, the sector is undergoing a major transformation. Companies that depend on traditional raw materials can only thrive if they embrace sustainability as a core business strategy.
"We cannot afford to underestimate the importance of sustainable growth," he warned. Looking ahead, he predicted that by 2050, global GDP will grow fivefold, adding over a billion middle-class individuals worldwide. This demographic shift will lead to a sharp rise in carbon emissions and energy consumption. Additionally, by 2035, the combined GDP of BRIC nations is expected to surpass that of the G6. These trends will exacerbate the existing shortages of critical resources like oil, water, and land.
Chemical products, which are deeply embedded in everyday life, currently rely heavily on non-renewable inputs. Reducing this dependency not only lowers manufacturing costs but also lessens environmental impact. "As a major consumer of scarce resources, the chemical industry is often viewed as part of the problem rather than the solution," Wei said. "However, by optimizing resource use, we can turn these challenges into opportunities."
He pointed out that forward-thinking companies are already adjusting their strategies, incorporating new risk assessment models that consider factors like life cycle costs, carbon emissions, and environmental impact. A more robust global carbon trading system will play a crucial role in determining corporate success. Moreover, environmental evaluation should go beyond carbon emissions to include water usage, land footprint, energy consumption, and raw material sourcing.
"Sustainable product innovation will be the main driver of growth in the chemical industry," Wei noted. "Future leaders will gain a clear competitive edge by prioritizing sustainability. This isn't just a trend—it's a survival imperative."
He also stressed that external stakeholders, including governments and investors, must adapt. Governments need to establish stable regulatory frameworks to ensure long-term returns for private enterprises. Investors, in turn, should support sustainable, long-term initiatives—even if they may affect short-term profits. The path forward demands collaboration, innovation, and a shared commitment to a more sustainable future.
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