For a long time, there was little impetus for change. “Over time, the chemical industry has become a ‘me-too player’,” commented Brad Griffith, Executive Vice President, Chemicals Business, Sasol. “Now the industry needs to rally round and harness innovation to turn it around for the future.”
Given the tangible environmental problems that can be linked directly to the industry, such as plastics in the oceans, there is a real risk that the public and the regulators will see the industry as part of the problem and not so much as a key provider of solutions. A strong increase in severe regulation, for instance in the agro sector, is just one strong sign of such a trend.
Public perception remains an important factor of success. The industry has long since admitted the need to bolster its public image. It now needs to go even further and demonstrate its use of truly sustainability-driven business models as part of a genuine desire for deep-rooted change.
As Fyrwald summarized, “In the past, our focus was on discovering new products, on our production sites, and on the people who worked there. Today’s challenges are so great that you must enable and drive innovation throughout the company and have teams come together from across the company to quickly seize opportunities and fix problems. To survive as an industry, we’re going to have to do better so that youth and society see us as part of the solution to the world’s big problems. We want people to understand that we are having a positive impact and that we are making the world better for future generations.”
To survive as an industry, we’re going to have to do better so that youth and society see us as part of the solution to the world’s big problems.
And indeed, the chemical industry is steadily shifting towards better resource usage, affecting all of its missions, technology shifts and business models, as Saori Dubourg, Member of the Board of Executive Directors at BASF SE, pointed out. “We are moving from the age of globalization to the age of smart resource usage. At its core it is about a new way to create value.”
We are moving from the age of globalization to the age of smart resource usage. At its core it is about a new way to create value.
Ultimately, provided that its energy is harnessed and channeled in the right direction, the industry is now being given the opportunity to turn all of these challenges into opportunities.
Shaping Successions
Advancing Governance
Discovering Leaders
Developing Leadership
