Finnish oil refiner Neste (Market cap: €33bn/$35bn) has partnered with Netherlands blockchain startup Circularise to provide transparency for its renewable polymers and chemicals.
Circularise has a track record of working with big names for plastics traceability, including Porsche, Marubeni and plastics producers DOMO and Covestro. It also secured funding from the EU’s Horizon 2020 program.
The role of the circular economy for polymers and chemicals is an important one. In 2018 the International Energy Agency said that Petrochemicals made up 12% of oil consumption. However, it predicted demand would increase substantially, with petrochemicals accounting for a third of the growth in oil demand by 2030 and almost half by 2050. That puts it ahead of trucks, aviation and shipping.
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