"Chemical engineering principles serve as the bedrock for understanding the transformation of raw materials into valuable products across various industries. Explore the theoretical foundations of mass and energy conservation, thermodynamics, and reaction kinetics in chemical engineering. Analyze how these principles govern processes like distillation, chemical reaction engineering, and heat transfer, elucidating their role in optimizing process efficiency and product quality. Furthermore, discuss the significance of transport phenomena, including momentum, heat, and mass transfer, in the design and operation of chemical reactors and separation units. How do advancements in theoretical understanding, coupled with computational modeling and simulation techniques, facilitate innovation and sustainability in chemical engineering practices, particularly in areas such as renewable energy production and environmental remediation?"