The International Council of Chemical Associations (ICCA) released a report at the Fourth United Nations Environment Assembly (UNEA-4) that analyzes the chemical industry’s impact on the global economy. The report The Global Chemical Industry: Catalyzing Growth and Addressing Our World’s Sustainability Challenges states that the chemical industry touches nearly every goods-producing sector, making an estimated $5.7 trillion contribution to world gross domestic product (GDP) through direct, indirect, and induced impacts. This contribution to GDP is equivalent to 7 percent of the world’s total GDP, supporting 120 million jobs worldwide. Some other key report findings include:
- Directly, the chemical industry added $1.1 trillion to world GDP and employed 15 million people, making it the fifth-largest global manufacturing sector.
- Every $1 generated by the chemical industry generates a further $4.20 elsewhere in the global economy.
- The chemical industry invested an estimated $51 billion in research and development globally, supporting 1.7 million jobs and $92 billion in economic activity.
The ICCA commissioned Oxford Economics to provide a detailed assessment of the chemical industry’s contributions to the global economy. According to Marco Mensink, director general, European Chemical Industry (CEFIC), “This new analysis underscores the essential role that the chemical industry plays in driving economic growth and creating opportunity for millions of people around the world, but the chemical industry’s impact goes beyond economic value. Working in partnership with the United Nations Environment through the Strategic Approach to Chemicals Management (SAICM), we are deeply committed to building capacity to safely manage chemicals through their production, transport, use and disposal, and have held over 230 workshops in 45 countries.”
To learn more and to download a free copy of the report, visit www.icca-chem.org/EconomicAnalysis . The ICCA is a virtual organization, coordinating the work of individuals from member associations and their member companies.