Industry Group Reports Portugal's Chemical Sector Requires $35 Billion for Decarbonization Efforts

Decarbonisation Investment Needs: Portugal's chemical, petrochemical, and refining sectors require an estimated 30 billion euros to achieve net zero climate goals by 2050, with current investments averaging only 1 billion euros annually.

Legal Imperative for Carbon Neutrality: The industry acknowledges the necessity of carbon neutrality as a legal requirement under U.N. and EU treaties, with significant initial capital needed for electrification, renewable gases, and carbon capture technologies.

Emission Contributions: The manufacturing sector accounts for 26% of Portugal's total greenhouse gas emissions, with chemical and petrochemical companies contributing over a third of industrial emissions.

Competitive Challenges: Despite lower electricity and natural gas prices, the industry faces competitive disadvantages due to lengthy investment approval processes and less favorable subsidies compared to other European countries.