A 35% increase in demand for chemicals is expected globally by 2050. This is an exciting time for the American industrial base, with many opportunities to simultaneously drive down the cost of innovative technologies and to scale and deploy energy innovation. Several private companies have announced commitments to invest in hydrogen, advanced nuclear and carbon capture, utilization and storage (CCUS) technologies. Reducing the cost of these technologies will enhance America’s position as a leader in energy and strengthen our manufacturing base, helping us overtake China as the largest exporter in the chemical and refining sectors. Investing in these innovative American technologies will increase the supply of key products that Americans use in their everyday lives, all while ensuring they are made cleaner.
Chemical production and refining are essential for producing fuels for power, heat and transportation. They also serve as vital inputs for a wide array of products, such as plastics, fertilizers, and pharmaceuticals, all of which are crucial to modern life.
The best energy policy is to return American manufacturing to the U.S. where we have the highest environmental standards. This can be done by:
By investing in clean, cost-competitive and reliable technologies, the U.S. can ensure the continued growth and viability of the chemical and refining sectors to meet rising consumer demand for chemicals, while also advancing energy dominance goals by accelerating energy innovation to lower emissions.
