By: ICN Bureau
Last updated : February 16, 2026 3:15 pm
Since the first Antwerp meeting in February 2024: 101 sites have closed, 25Mt of chemical capacity has gone; 75,000 jobs have been lost and €70bn wiped from Europe’s asset base.
Sir Jim Ratcliffe joined Europe’s industrial leaders at the third Antwerp Summit, to deliver a stark warning to EU Heads of State ahead of the European Council meeting in Alden Biesen: current conditions for Europe’s chemical industry are unsurvivable without immediate intervention.
Speaking at the European Industry Summit in Antwerp, the Antwerp Declaration Community representing more than 1,300 companies, trade associations and trade unions called for urgent, coordinated action to restore competitiveness and protect high-quality industrial jobs across Europe.
“The European chemical industry has been tremendously successful and is a huge European asset. It is a million jobs and a trillion euros of sales. And we cannot live as we do today without it.” said Sir Jim.
“The industry is currently in the process of shutting down. Without a chemical industry we cannot run hospitals, we cannot feed people, we cannot defend ourselves. It is critical for National Security.”
The summit brought together more than 500 business leaders, factory workers and senior EU decision-makers. This included European Commission President Ursula von der Leyen, under the auspices of Belgian Prime Minister Bart De Wever and was held in the presence of European leaders and Commissioners.
Sir Jim Ratcliffe, Chairman of INEOS, set out the scale of the challenge facing Europe’s industrial base.: “Since February 2024, when we met for the first Antwerp Summit, 101 industrial sites have closed, 25 million tonnes of chemical capacity has left Europe, and over 75,000 people have lost their jobs. Replacing those plants would cost around €70 billion. That is a huge loss to Europe’s industrial base and to the communities that depend on it.”
Sir Jim also warned that Europe’s current trajectory is increasing global emissions rather than reducing them.
“Europe hasn’t cut emissions, it has exported them. Production has moved to the US and China, where carbon intensity is far higher. As a result, global emissions have risen by more than 20 million tonnes of CO₂.”
He said the root cause is clear: “Energy prices in Europe remain around four times higher than in the United States. Rising carbon costs and weak trade defence are driving investment away. These conditions are unsurvivable for Europe’s chemical industry. Plants are not closing through lack of commitment; they are closing because the economics no longer work.”
The solution, is to protect it. Quickly. There are three things that that should be considered by the commission and Heads of State at the Alden Biesen meeting tomorrow:
- Protect Europe from the waves of cheap imports being dumped in our markets particularly now the USA has closed its markets. Anti-dumping duties take 2 years. Make it 6 months (like the USA). And look at tariffs and safeguard measures for a critical industry.
- Suspend carbon tax for 5 years and re-evaluate its purpose. All it is doing is closing European production and losing jobs. And increasing carbon emissions. The opposite of its intention.
- Energy for industry needs to be much more competitive
Despite the urgency of the situation, Ratcliffe stressed that Europe still has a choice.
“With the right decisions now, Europe can rebuild a competitive, resilient chemical industry that supports healthcare, clean water, food, defence and energy security. We can protect high-quality industrial jobs and reduce emissions for real through investment in low-carbon production, hydrogen and carbon storage projects such as Greensand.”
“Europe can only lead the energy transition and innovation with industry, not without it. It can strengthen its sovereignty and cut global emissions by producing efficiently at home rather than importing from elsewhere.”
Industry leaders reaffirmed their willingness to work constructively with the European Commission and Member States to deliver practical solutions.
“The time for discussion is over,” Ratcliffe concluded. “Europe must act now to create the conditions in which industry can survive and invest in Europe again.”