Sir Jim Ratcliffe has warned that Europe’s chemical industry is at a ‘tipping point’.
A leading industrialist is calling on politicians to make an urgent intervention to save the chemicals industry.
Sir Jim Ratcliffe, founder and chairman of Ineos, one of the world’s largest chemical companies, warned that Europe’s chemical industry is at a “tipping point” and only urgent action can save it.
Sir Jim believes that around half of Europe’s ethylene production capacity will close before 2030, adding that 21 major European chemical sites are already shutting, representing more than 11 million tonnes capacity, with more to follow.
Chemical output is plunging across Europe, with production down by 30% in the UK, 18% in Germany and 12% in France, he said.
Sir Jim said eight of the world’s 10 largest chemical companies were scaling back or withdrawing from Europe, while, in contrast, all of the US’s top 10 producers were investing and expanding.
The Manchester United minority owner warned that the consequences for Europe could be “devastating”, adding: “We’re at the 11th hour and there are three things that need to happen urgently.
“First, remove the green taxes and levies from energy costs. Second, scrap the carbon taxes. And third, give us some tariff protection.
“We need actions, not sympathetic words or there won’t be a much of a European chemical industry left to save”.
