Petrochemicals have created a wide range of modern products which have made themselves indispensable to society. The manufacture of those products absorbs an increasing proportion of the world’s oil and gas and the sector accounts for 11% of global final energy demand. This share is expected to increase in the future driven by the sector’s activity growth. Feedstock represents about half of the total energy inputs to the sector, almost 90% of which is oil and gas. Despite its size, the sector continues to take a back seat in the global energy debate.
The Center on Global Energy Policy hosted presentation and discussion with Peter Levi, Energy Analyst at IEA and the co-lead author of the upcoming IEA report titled The Future of Petrochemicals. The study explores the role of the sector in today’s global energy system and how its significance for global energy security and the environment is set to increase on the basis of established trends. The report also draws a path to an alternative scenario consistent with different UN sustainable development goals and assesses the resulting upstream impacts on oil and natural gas demand. Katherine Spector, Research Scholar at CGEP, moderated the discussion with Mr. Levi and CGEP Founding Director Jason Bordoff following the presentation.