Energy apportionment approach to incentivize environmental improvement investments in the chemical industry
2020
Prado, Valentina | Glaspie, Rebecca | Waymire, Randy | Laurin, Lise
Energy intensive processing industries, such as the chemical industry, face barriers when justifying clean energy investments because costs of implementation for environmental impact reductions are too high relative to the perceived benefit. One way to lower the barrier for environmental investments within these industries is to create the business case with specialty products. The problem is that specialty products represent a small fraction of overall production, and clean energy upgrades to the company’s power production are typically shared among all products, diluting the value of the new investment. To incentivize environmental impact reducing investments this study illustrates an energy apportionment approach that concentrates the environmental improvements and costs strategically to the products where the market is willing to pay for the added value. The approach is illustrated via a case of a chemical plant where two types of upgrades (natural gas or solar) are considered according to costs and climate change impact reduction.
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