Chemicals are essential for more than 95% of the world’s manufactured goods and, consequently, the sector is currently responsible for around 5% of total GHG emissions.The chemical sector is the largest industrial consumer of both oil and gas. Yet despite being the largest industrial energy consumer, it is the third industry subsector in terms of direct CO2 emissions – behind iron and steel and cement. This is largely because around half of the sector’s energy input is consumed as feedstock, the emissions of which are released downstream in other sectors. At the same time, the sector is crucial for Canada's growth, and generating employment for several thousands. It is then no surprise that the industry is under tremendous pressure to produce with reduced emissions.
AI plays a pivotal role in helping the chemical industry to reduce their emissions. When it comes to process and asset optimization, chemical companies can reduce greenhouse gas emissions with minimal capital investment.
However, deploying AI is not without challenges. If not implemented properly, it can prevent the company from realizing the benefits of the deployment. In fact, Gartner says that 85% of the AI projects will continue to fail by 2022. Many leading chemical companies have already invested in big data and analytics. However, only 13% use the insights from this technology to drive their approach towards the market and their competitors. Both of these point to companies applying the technology in a piecemeal manner and how a lack of effective strategy can make it challenging to accomplish the desired goals.
In this presentation, Canvass AI will outline the three-step plan for chemical companies to effectively deploy AI across their operations that augments their workforce with AI insights to accelerate their sustainability efforts in the race to net zero.