Businesses therefore need to better understand the carbon footprint of raw materials , construction activities and building operations in order to reduce emissions across the value chain . There is no ‘ one size fits all ’ approach to decarbonisation - emissions profiles vary widely across materials and assets , which creates complexity for industry leaders . Trusted , transparent data and tailored insights are imperative to help companies bridge the information gap and build a path to the future .
To address unavoidable emissions , we are seeing growing participation in both voluntary and compliance carbon markets . These markets create opportunities for companies to offset their emissions by investing in projects aimed at removing or reducing greenhouse gases ( GHGs ) from the atmosphere . As policymakers ramp up plans to meet climate goals , we can expect to see tighter regulation and increased scrutiny in this space . For example , the EU recently announced it will expand its carbon market to more sectors , and phase out free CO 2 allowances for industries such as chemicals , cement and steelmaking . The construction industry needs to be ready to adapt to these changes , to meet its regulatory obligations .
Creating a circular plastics economy
Although plastics offer opportunities for innovation in the construction industry , they also present a unique challenge when it comes to the energy transition . According to recent figures , plastics are responsible for 1.8 billion metric tonnes of GHG emissions , or 3.4 per cent of the global total . This is set to increase beyond 2.5 billion metric tonnes by 2050 if left unchecked .
The plastics ecosystem is firmly in transition , with companies looking to keep resources in use as long as possible and recover valuable products and materials at the end of life . Mechanical and chemical recycling solutions take advantage of technologies to boil down plastic into its initial molecular structure to reconfigure for new use cases - but adoption and cost are challenges to uptake given the technology is still relatively nascent .
Amid changing policy and regulations , companies need to be able to predict and quantify the magnitude and timing of substantial market shifts , and better understand the interplay between production and recycling economics , emissions , societal needs , and resources .
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