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Greenhouse gas (GHG) emissions from the chemical and petrochemical industry are forecast to reach nearly 2.8 billion metric tons of carbon dioxide equivalents (MtCO₂e) by 2030, if no action is taken. This would represent an increase of some 50 percent in comparison to the value reported in 2010. In order to meet the target temperature rise of 1.5ºC, the idustry's emissions should stand around 1.5 MtCO₂e by 2030. This would represent a 46 percent reduction in the emissions when compared to the baseline scenario. Decarbonizing the chemical and petrochemical industry is a challenge, as it is known to rely heavily on oil.