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Screenshot from summary of IEA report, "The Future of Petrochemicals"

Rising use of petrochemicals that make plastics and other products will be the largest source of crude oil demand growth in coming decades, the International Energy Agency said in a new report.

The big picture: "Petrochemicals ... are set to account for more than a third of the growth in oil demand to 2030, and nearly half to 2050, ahead of trucks, aviation and shipping," the report shows.

  • Petrochemicals are used to make plastics, as well as fertilizers, clothes and a wide array of other products.
  • "Demand for plastics – the most familiar group of petrochemical products – has outpaced that of all other bulk materials (such as steel, aluminum or cement), and has nearly doubled since 2000," IEA notes.
  • The report also notes that petrochemicals are used to make parts of clean-energy technologies, such as solar panels and batteries.

Why it matters: The IEA report calls the topic a "blind spot" in energy policy debates.

Petrochemicals are fundamental and helpful parts of the global economy, but also pose major pollution problems and represent a growing source of greenhouse gas (GHG) emissions.

  • In particular, plastics are a major marine pollution problem.
  • More broadly, the report's long-term forecast shows that recycling and efforts to curb single-use plastics will be "far outweighed" by rising plastics consumption in developing economies.
  • In addition, the chemical sector represents 18% of all industrial-sector carbon emissions, and IEA forecasts substantial emissions growth in coming decades.

What's next (or could be): The report offers a "clean technology scenario" to lower the environmental toll of petrochemicals in coming decades.

  • It includes the adoption of better waste management and recycling to help cut ocean-bound plastic waste in half and the use of carbon capture and storage among other actions.

Go deeper: Reuters has more here.

Go deeper

Updated 34 mins ago - World

2 Americans accused of helping Ghosn escape in Japanese custody

Former Nissan chair Carlos Ghosn during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were taken into Japanese custody after arriving at an airport near Tokyo Tuesday, per the Wall Street Journal.

Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.