07 October 2013 15:07 [Source: ICIS news]
BERLIN (ICIS)--The world will continue to rely on oil, gas and coal for the foreseeable future, even as the use of renewables is pursued and energy efficiency improves, BASF CEO Kurt Bock said on Monday.
Increased energy consumption by non-OECD nations will underpin the demand for essential hydrocarbons, he suggested. Coal consumption will continue to grow.
Bock told delegates at the 47th annual European Petrochemical Association (EPCA) meeting that chemical producers would have to deal with increased feedstock price volatility. He stressed that renewables were not a replacement for non-renewables as they are not cheap in terms of their energy content.
He was sceptical that ambitious climate change targets would be met without a radical change in lifestyle for many people.
“We believe that the world will continue to produce and consume more oil, gas and coal,” he said. The chemical industry will rely on oil and gas for many years, he added.
“We have to make sure that sustainability is becoming not just a buzzword,” Bock said. It would take an area the size of Montenegro to provide enough renewable feedstock for BASF’s Ludwigshafen, Germany chemical complex, the company has calculated.
BASF was not only betting on cheap feedstocks, the BASF CEO said, but on innovation, technology and its proximity to markets.
The annual EPCA meeting runs from 5-9 October.
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