In response to the growing global demand for energy and petrochemical products, the international industry is calling for a stronger focus on technological innovation to tackle emerging challenges. As economies around the world continue to expand, the need for energy and chemical products is rising sharply. However, this growth comes with significant hurdles, including the constraints of energy and raw material availability, as well as the urgent need to cut greenhouse gas (GHG) emissions. At the 33rd International Petroleum and Chemical Conference in March 2008, the National Petrochemical and Refiners Association (NPRA) emphasized that the global petrochemical sector must accelerate technological advancements to meet these pressing demands. Sherman J. Glass, Senior Vice President of ExxonMobil Chemical, highlighted that global chemical demand is expected to grow at a rate 2% higher than global GDP, with developing markets showing even faster expansion. By 2050, Asia is projected to account for 60% of the world’s chemical demand growth, with China alone contributing 40%. Looking ahead, by 2030, the global population is expected to rise by 30%, while the global economy will double in size, reaching $75 trillion annually. Although renewable energy sources like biofuels, wind, and solar are gaining momentum, they will still only make up a small portion of total energy supply. Currently, these sources account for just 0.5% of global energy demand, and even by 2030, their share is expected to reach only 2%. Sherman J. Glass also stressed that petrochemical companies must prepare early to ensure reliable raw material supplies and minimize environmental impact. Technological progress, he argued, is a key solution to these challenges. Graeme Sweeney, Executive Vice President of Fuels and CO2 Business at Shell, echoed similar concerns, stating that climate change has become a global issue that the industry must address. He called for closer collaboration between industry players, regulators, and other stakeholders to manage energy applicability and environmental impacts effectively. The world now faces three critical challenges: first, the rising global energy demand, particularly for oil and natural gas; second, the difficulty in meeting this demand due to limited access to easily available oil; and third, the increase in energy consumption leading to higher CO2 emissions and intensified global warming. These issues require immediate attention and coordinated action from all sectors to ensure a sustainable future.

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