Sustainability is a particularly important-and complex-topic for energy and materials companies and requires a heightened ability to discern substantial market shifts from industry noise. Overall, business models seem to be shifting from a commodity-based focus to a specialty product- and value-based approach. Success in the emerging hydrogen economy, for example, is being facilitated by partnerships across the value chain, while in the minerals sector, companies and their customers such as OEMs are collaborating to invest in innovation. New markets may demand new business models. 1 Marcelo Azevedo, Anna Moore, Caroline Van den Heuvel, and Michel Van Hoey “ Capturing the green-premium value from sustainable materials,” McKinsey, Octo“ Decarbonizing the chemical industry,” McKinsey, April 12, 2023. The petrochemical industry is pushing to reduce its carbon footprint, while materials companies seek differentiated products based on green characteristics. This article is a collaborative effort by Michael Birshan, Joe Day, Dumitru Dediu, Wenting Gao, Thomas Hundertmark, Alex Kazaglis, and Lazar Krstic, representing views from McKinsey’s Global Energy & Materials, Strategy & Corporate Finance, and Sustainability practices.
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