The global market for “green chemistry” is projected to grow from $11 billion in 2015 to nearly $100 billion by 2020. This is one of the conclusions in a recent report by Trucost, an independent research firm, commissioned by the Green Chemistry & Commerce Council (CG3) and the American Sustainable Business Council (ASBC).
The report, “Making the Business & Economic Case for Safer Chemistry,” is the first to build a comprehensive picture of financial costs and benefits associated with safer chemicals and are based on a review of literature and available data, as well as interviews with 17 industry experts.
– The fact that hazardous chemicals do not make good business sense is something ChemSec have been advocating for a long time. The holistic approach of this report gives non-refutable support to this notion across a wide range of market sectors, says Frida Hök, ChemSec policy advisor.
Among the report’s recommendations is that business that have not yet evaluated their individual business case for safer chemistry within their specific product portfolio and market segment are strongly encouraged to do so, given the potential for revenue growth and business value at risk. Risks include expanding chemical regulations as well as continued NGO and shareholder activism, something that could challenge the almost $700 billion in annual sales produced by the North American chemical industry.
Another issue pointed out by the report, is that today’s efforts to implement safer chemicals appear to be largely reactionary and situational, rather than proactive. There are market shares to be gained by those who take action ahead of legislation.