Chemical Engineering August 2022 - 4

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Driving environmental progress
he recent decision by the U.S. Supreme Court limiting the authority
of the U.S. Environmental Protection Agency (EPA) to
regulate emissions from power plants has many concerned
about the effects the decision will have on efforts to address
climate change and other environmental concerns. The majority opinion
of the Court deems that the EPA does not have the authority for a
broad cap on carbon dioxide emissions, but rather that only the U.S.
Congress itself has such authority. (For more on the specifics of the
Supreme Court ruling, see Ref. 1)
While the case before the Supreme Court was specifically about
regulating power plants, concerns are that the ruling may be setting
the groundwork as a precedent for how much authority the EPA or
other federal agencies have over a spectrum of environmental regulations.
For example, this fall in Sackett v. EPA the Court is scheduled to
hear arguments involving how to determine if wetlands are part of the
" waters of the U.S. " under the Clean Water Act.
Impact on environmental progress
Regulations have played an important role in driving certain industrial
practices to meet regulatory requirements. However, the level of impact
that limiting the regulatory authority of federal agencies will have on
climate-change and other environmental initiatives is uncertain, as there
are other forces driving environmental progress.
A strong driving force toward environmental, social and governance
(ESG) and sustainability goals is the increased importance placed on
these goals by investors. A recent report by McKinsey & Company
[2] says that leading investors consider ESG and sustainability to be
integral parts of their portfolio strategies, and that they have become
top priorities for executives in oil-and-gas and chemical companies.
McKinsey's research shows that " 90% of the top 20 global chemical
companies have public commitments to reach net-zero emissions,
near-zero emissions or carbon neutrality by 2050. "
An example of this commitment is a recent announcement by Shell
Chemicals Park Moerdijk, a subsidiary of Shell plc (www.shell.com).
The company plans to invest " billions " in its chemical complex over
the next ten years to reach net-zero emissions and produce more
sustainable chemicals. In the announcement, the company cites that
it is addressing the changing needs of its customers who want more
low-carbon products and products made using recycled materials.
The driving force is growing customer demand.
Numerous examples like this appear in Chemical Engineering's latest
business and technology news, showing an increased focus on decarbonization,
plastics recycling, storage solutions to better implement
renewable energy resources and many more sustainable practices.
Investment management companies are also focused on ESG and
sustainability. For example, BlackRock's (www.blackrock.com) chairman
and CEO, Larry Fink, addressed these topics in his letter to CEOs
this year [3], and wrote, " I believe the decarbonizing of the global
economy is going to create the greatest investment
opportunity of our lifetime. It will also leave behind
the companies that don't adapt, regardless of what
industry they are in. "
■
Dorothy Lozowski, Editorial Director
1. Supreme Court Limits EPA Authority to Regulate Power Plant Emissions,
www.powermag.com, June 30, 2022.
2. Sustainability value in chemicals: Market tailwinds versus ESG scores,
www.mckinsey.com, July 11, 2022.
3. The Power of Capitalism, www.blackrock.com, 2022.
CHEMICAL ENGINEERING WWW.CHEMENGONLINE.COM
AUGUST 2022
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Chemical Engineering August 2022

Table of Contents for the Digital Edition of Chemical Engineering August 2022
