Belgium owes a large part of its added value to the chemical sector. The sector creates employment, accounts for a significant portion of Belgian exports, and contributes to our national R&D-capital. However, the sector is under pressure due to the global climate transition. An initial response might be to phase out the chemical industry in Belgium to reduce national carbon emissions. However, this could lead to a substantial loss of welfare for Belgium and likely would not solve global warming, as emissions would simply be relocated elsewhere.