By Sergio Goncalves

LISBON (Reuters) -Portugal’s chemical, petrochemical and refining companies need to step up spending on decarbonisation to meet net zero climate goals by 2050, a process the sector estimates will cost 30 billion euros ($34.99 billion) in investment, industry group APQuimica said.

The sector currently invests an average of around 1 billion euros per year in growth, manufacturing processes, and energy efficiency, but only a portion is targeted at decarbonisation.

The 30 billion euro estimate, the first time the industry has put a number on decarbonisation costs, comes from a study carried out in collaboration with consultancy EY. It represents a structured plan to achieve carbon neutrality, as required by U.N. and EU treaties, APQuimica President Luis Gomes said on Wed

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