India responsible for 20% of global effluents: Tata Strategic Management

Though India accounts for 3% of the global chemicals market, it is responsible for 20% of global effluents, according to Tata Strategic Management Group, which presented a report on ‘Reengineering chemistry for better tomorrow’ at Industrial Green Chemistry World 2013 – an event for green chemistry held in Mumbai from December 6-8, 2013.
 
According to industry estimates, the global green chemistry industry which stood at $ 2.8 billion in 2011 is expected to grow at 48.5% annually to reach $ 98.5 billion by 2020. “The estimated direct and indirect savings for the industry would be about $ 65.5 billion by 2020. The key industries where green chemistry applications are expected in the next decade are pharmaceuticals, fine chemicals, plastics, textiles, paints and coatings, paper and pulp, agrochemicals and adhesives. The key growth regions for green chemicals are Asia Pacific followed by Western Europe and North America,” said a TSMG press release.
 
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Tata Strategic Management Group report explains the necessity and importance of green chemistry and engineering practices for the current chemical industry. The report builds upon the globally recognised green chemistry and engineering principles and identifies the four metrics through which companies can evaluate their current performance and take necessary actions for transition to green practices.
 
With increasing demand for green products, shifting to green chemistry is not an option but a necessity for the companies. It is to be understood that green chemistry practices are essential for the long term survival and business sustenance of chemical companies.
 
Raju Bhinge, Chief Executive Officer, Tata Strategic Management Group, said, “Through this report we aim to highlight the importance of green chemistry and how the chemical sector needs to evolve from conventional chemistry to green chemistry and engineering. The chemical industry touches all facets of human lives and is an important source of the world’s energy and raw materials requirements. Hence, it is imperative that this industry implements green practices and moves away from the perception of being dirty, dangerous and demanding.”
 
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Manish Panchal, Practice Head - Chemical & Energy, Tata Strategic Management Group, added, “Green Chemistry and engineering helps companies to design new products and processes with sustainability as the core principle. This helps the companies not only in improving their top and bottom line but also helps them to differentiate themselves and gain competitive advantage.”
 
The report also stresses on the need to build a collaborative ecosystem in which the academia, industry, government, entrepreneurs and regulatory bodies come together to create opportunities to test, scale-up and commercialise ideas in the green chemistry domain.