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Driving the Energy Transition Together: the industrial perspective Daniele Ferrari, CEO of Versalis « SET Plan Conference 2014 » Rome, 10th December 2014 Providing innovative products and enabling technical solutions in virtually all sectors The European chemical industry is key for economic development and wealth € 527 bln/y turnover 1.2 mln direct employees 29.000 companies 18% of world chemical sales € 48.7 bln/y trade surplus € 9.0 bln/y R&D spending Sources: Eurostat and Cefic Chemdata International Eurostat SBS and Cefic analysis June 2014 4% of EU manufacturing employment The example of plastics: a key sector for European manufacturing growth GDP multiplier (Italy) Employment multiplier (Italy) 2.74 2.38 0.3 0.2 Total Impact Other* 0.62 Transport Plastics Total Impact Other* Transport Commerce 1.1 Commerce 0.58 Manufacturing Plastics 1.13 0.14 Manufacturing 0.17 0.52 0.36 * Non-manufacturing, Agriculture, Construction, Hotel/Restaurant, Financial, Real Estate/services, Public Admin., Education, etc Source: The excellence of the plastics supply chain in relaunching manufacturing in Italy and Europe – Breakdown of the impact of an increase in GDP and in annual work unit; The European House – Ambrosetti Greenhouse gas emissions in chemistry decoupled from production Enabling low-carbon solutions to downstream sectors in Europe Net avoided GHG emissions for selected applications Source: Ecofys 6 EU manufacturers losing competitiveness: the deadly spiral for Europe 3 Reduction in coal prices and CO2 Emission factor in thermal power generation 2 Drop of gas prices Henry Hub price (USD/ mmbtu) 6 Dramatic energy gap in 2013 4 Change in the powergen mix 2013 vs. 2010 ~3x ~2x EU 1 Boom of shale gas production US EU Carbone Gas prices $/mmbtu Power prices €/MWh 7,9 2006 2,2 2008 2011 Gas US US shale gas production (tcf) 1,0 +7% 5 Increasing CO2 emissions Emission factor in thermal power generation Increasing CO2 emissions despite 60 bn€ annual subsidies to renewable -34% In addition to the energy issue other challenges affect competitiveness OPPORTUNITIES Large integrated domestic markets International network and technology leadership CHALLENGES Endemic low demand for chemicals in the EU High Regulatory Compliance costs Skilled workers and scientists Raw material availability and cost Continued strategic restructuring efforts Lack of a EU-wide Industrial Policy encompassing energy and innovation Strong innovation focus through industry clusters European society reluctant to see benefits vs. risks of Innovation The pillars of competitiveness for Europe: let us work on them Competitiveness “the set of factors, policies and institutions that determine the level of productivity of a country taking into account its level of development” Innovation Innovation Financial market Goods market Business quality The 12 pillars of Competitiveness Institutions Infrastructure Technology Labour market Health Institutions Macroeconomics Market size Education Education Bio-based chemistry: an opportunity for a “circular economy” BIOMASS GROWING / COLLECTION Performance bio-products TRANSFORMATION / COMPOUNDING Renewable feedstocks Design out wastes (material and energy recovery) Bio-building blocks BIOMASS PRE-TREATMENT Oils/sugars BIO-REFINERY An efficient value chain - integrated within the territory - for the complete exploitation of the biomass Towards a sustainable energy transition: a call for Innovation and Competitiveness Sustainable and secure energy and feedstocks Collaborative and open approach in R&D Adaptability of skilled workforce Strong support to PPP and joint initiatives Expected net effect: up to €30 billion GDP and over 500 000 jobs