5th Edition of ICC Sustainability Conclave 2023 Held

Utkarsh Classes Last Updated 03-11-2023

5th Edition of ICC Sustainability Conclave 2023 Held

Science 5 min read

The Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers and Indian Chemical Council (ICC) organized a two-day conclave on “Consolidation of Sustainability and Business Strategy for Chemical Industry – Focus on Challenges and Opportunities” in New Delhi.

Union Minister of State for Chemicals and Fertilizers and New and Renewable Energy Bhagwant Khuba along with many other ICC officials and leading personalities from the industry was present on the occasion.

The conclave brought together senior representatives of the region:

The two-day event discussed trending issues and opportunities including ESG strategies, de-carbonization, net-zero transition, digital transformation, green growth, clean energy, safety enhancements, and product management ahead of regulations.
It brought together senior representatives from Indian and global companies, government officials, multilateral organizations, chemical industry bodies and academic experts.

The department has more than 80000 commercial products base:

Chemical and petrochemical industry holds an important place in the Indian economy and serves as the foundation industry for many sectors offering a diverse range of more than 80000 commercial products.
The government has taken commendable steps to reduce India's dependence on imports, enhance infrastructure and improve the business environment.
It is essential that we focus strongly on chemical sustainability in this growth story.

Indian industry estimated at US$300 billion by 2025:

As our industry plans to grow from its current value of approximately $215 billion to an estimated US$300 billion by 2025, it is important that this growth is accompanied by an unwavering commitment to sustainable growth.
According to Union Minister Khuba, the ministry envisions the chemical sector to grow sustainably, reduce carbon emissions and contribute positively to the environment.
Union Minister Khuba also expressed hope that the industry will maintain its growth and continue to be a significant contributor to the Indian economy.
On this occasion, Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals and Petrochemicals said that
With the aim of Make in India and Make for the World, the Government of India is making every possible effort with its 'Whole of Government' approach to promote manufacturing in all sectors.

FDI in this sector registered an increase of almost 90 percent:

The department is actively engaged in promoting the chemical industry and increasing ease of doing business whenever required.
The department aims to provide a safe and reliable industrial eco-system in the world and there is immense potential for expansion in the chemical sector in India.
With its natural advantages, India is an attractive destination for investment and this is reflected in the fact that foreign direct investment in the chemical sector has recorded a growth of almost 90 per cent in 2021-22.

ERM as Knowledge Partner for this Conclave:

This is a major initiative of the Indian chemical industry to promote sustainability in the entire life cycle management of chemicals.
Environmental Resource Management (ERM), a globally renowned body in the sector, is the knowledge partner for this conclave.