AbstractThe possibilities for establishing a renewable chemicals industry featuring renewable resources as the dominant feedstock rather than fossil resources are discussed in this Concept. Such use of biomass can potentially be interesting from both an economical and ecological perspective. Simple and educational tools are introduced to allow initial estimates of which chemical processes could be viable. Specifically, fossil and renewables value chains are used to indicate where renewable feedstocks can be optimally valorized. Additionally, C factors are introduced that specify the amount of CO2 produced per kilogram of desired product to illustrate in which processes the use of renewable resources lead to the most substantial reduction of CO2 emissions. The steps towards a renewable chemicals industry will most likely involve intimate integration of biocatalytic and conventional catalytic processes to arrive at cost‐competitive and environmentally friendly processes.