OTTAWA, Oct. 25, 2012 /CNW/ - Canada's chemistry industry could attract close to $5 billion in new investment over the next decade, according to estimates by the Chemistry Industry Association of Canada (CIAC), cited today at the association's annual general meeting. If secured, that new investment would stimulate growth throughout the Canadian economy, with the chemistry sector providing the building blocks and services needed by more than a dozen industries - from clothing and pharmaceutical companies, to natural resource developers, the construction industry and the auto sector.
"The time to rebuild Canada's manufacturing sector - including the chemistry industry - is now," said Richard Paton, CIAC's President and CEO.
"We have the tools right at our fingertips: our country's wealth of natural resources, access to competitively priced raw materials, and Canada's positive policy and tax environment."
News of the chemistry industry's investment potential comes as CIAC celebrates its 50th anniversary in Ottawa. Since 1962, one of the association's most notable achievements has been the creation of Responsible Care® − CIAC's U.N.-recognized sustainability initiative, now practised in 60 countries around the world. Responsible Care compels chemistry companies to constantly create safer and more environmentally friendly products and processes, and to eliminate harm throughout the entire life cycle of their products.
Environment Minister Peter Kent, who gave the keynote speech at CIAC's AGM lunch today, praised the association's commitment to sustainability.
"With the introduction of Responsible Care 27 years ago, your association showed Canadians that it was serious about caring for the environment," said Kent.
"You became a global leader in the field, and today, Responsible Care remains the gold standard for improving environmental performance in the chemical industry."
Today, a unit of chemical product is manufactured with 88 per cent fewer emissions than in 1992, the first year of emissions reporting under Responsible Care. CIAC members have also:
- Reduced their emissions to water by 99 per cent;
- Eliminated 73 per cent of emissions of 13 high-priority substances targeted by Canada's Chemicals Management Plan;
- Reduced the global warming potential of their operations by 63 per cent; and
- Decreased the ozone-depleting potential of their operations by 99 per cent.
The Chemistry Industry Association of Canada is the voice of Canada's $46-billion chemistry industry. CIAC represents the interests of Canada's leading chemistry companies - from the largest petrochemical, inorganic and specialty chemical producers, to bio-based manufacturers and chemistry-related technology and R&D companies.
SOURCE: Chemistry Industry Association of Canada
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Chemistry Industry Association of Canada