Abstract
Petrochemical products play a crucial role in the global value chain and international trade. This industry absorbs 12% of global oil demand as feedstock [1], constitutes 20% of world goods export in 2022[2]. Petrochemicals are the third-largest industrial CO2 emitter and growing fast due to increasing demand for products such as plastic, fertilizer, and other products. The sector transition to sustainable chemical products leads to wider socio-economic impact [1].
Given the UK aspiration to contribute to the decarbonization of chemical sector [6], it is imperative to incorporate wider socio-economic dimensions. The Socio-economic impacts refer to the impact that extend beyond any direct impact (benefits or costs) and presenting a non-monetized surplus for societies such as climate, health, employment, skills, and so on. Identifying these impacts facilitates informed decision making [3].
The aim of this research is to examine the socio-economic aspects of methanol production as one of the important upstream petrochemicals. Methanol has a high contribution in global economy. It is being used by 31% for the fuel and 69% has a chemical feedstock for other petrochemicals [4]. Subsequently, we will explore the implication of the conceptual socio-economic framework for the production of green methanol.
Significance of this work lies in the depiction of the conceptual socio-economic dynamics to elaborate the interaction between economic, social, and environmental aspects of methanol production. The outcome would enable stakeholders to pinpoint the main impacts of methanol production to incorporate into local, national, and global policymaking.
The findings contain three primary pillars of socio-economic aspects, namely: (1) economic aspects (such as value added and impact on local and national economies); (2) social aspects (including employment and job creation social value); (3) environmental aspects (covering health and emission related impact such as local environment degradation, hazardous chemical release, and flare gas).
Given the UK aspiration to contribute to the decarbonization of chemical sector [6], it is imperative to incorporate wider socio-economic dimensions. The Socio-economic impacts refer to the impact that extend beyond any direct impact (benefits or costs) and presenting a non-monetized surplus for societies such as climate, health, employment, skills, and so on. Identifying these impacts facilitates informed decision making [3].
The aim of this research is to examine the socio-economic aspects of methanol production as one of the important upstream petrochemicals. Methanol has a high contribution in global economy. It is being used by 31% for the fuel and 69% has a chemical feedstock for other petrochemicals [4]. Subsequently, we will explore the implication of the conceptual socio-economic framework for the production of green methanol.
Significance of this work lies in the depiction of the conceptual socio-economic dynamics to elaborate the interaction between economic, social, and environmental aspects of methanol production. The outcome would enable stakeholders to pinpoint the main impacts of methanol production to incorporate into local, national, and global policymaking.
The findings contain three primary pillars of socio-economic aspects, namely: (1) economic aspects (such as value added and impact on local and national economies); (2) social aspects (including employment and job creation social value); (3) environmental aspects (covering health and emission related impact such as local environment degradation, hazardous chemical release, and flare gas).
Original language | English |
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Publication status | Published - 1 Jul 2024 |
Event | Petrochemicals
& Climate Change: Technology, Policy, and Societal Change in a Time of Planetary Crises - University of Cambridge, Cambridge, United Kingdom Duration: 1 Jul 2024 → 3 Jul 2024 https://www.petrochemicalsconference.com/ |
Conference
Conference | Petrochemicals & Climate Change |
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Country/Territory | United Kingdom |
City | Cambridge |
Period | 1/07/24 → 3/07/24 |
Internet address |