The head of the world’s biggest chemical company has hit out at the EU’s “obsolete” emissions trading system, warning that the flagship climate policy was hurting the sector already suffering from high energy costs, aggressively priced Chinese products and myriad environmental rules.
Europe was the “only region in the world” where companies faced punitive fees for polluting, putting the continent’s heavy industry at a “significant competitive disadvantage”, said Markus Kamieth, chief executive of the German multinational BASF, in an interview.
“Most concerning are the energy and carbon costs that we are facing,” added Kamieth, who is also president of the European chemicals industry body Cefic.
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