Sabic, a global leading diversified chemical company, has secured important reductions relating to sustainability during 2020 in flaring emissions (56 per cent), material loss intensity (46.3 per cent), green-house gas intensity (15.5 per cent) and energy intensity (10.5 per cent) compared to 2010 baselines.
Sabic also contributed over $33.4 million in monetary and in-kind donations to support the Covid-19 response, delivered across 212 activities and reaching more than 35 million people in five continents, the company said in its 2020 Sustainability Report
Now in its 10th year and entitled ‘Thriving Responsibly’, the report outlines how the company’s actions are advancing the circular economy; addressing climate change; and embedding environmental, social and governance (ESG) principles into every aspect of the business.
Centering ESG is an important piece of Sabic’s sustainability strategy and journey of transformation and this year, Sabic created a new ESG steering committee, led by Sabic’s CFO. By embedding ESG inclusively and holistically, Sabic can weigh ESG factors alongside financial considerations in its decisions.
In 2020, Sabic also deepened its commitment to the circular economy, expanding the Trucircle portfolio of products and services to facilitate cross-value chain efforts working to close the loop on used plastic for good.
Yousef Abdullah Al-Benyan, Sabic Vice Chairman and CEO, said: “The year in review has proven that there are very real economic challenges for organizations that cannot or will not adapt to the changing world. Disruption triggered by the Covid-19 pandemic accelerated many of the trends that forward-looking companies had previously identified.
“Against this backdrop of definitive change, Sabic is well-positioned to thrive. Our longstanding ESG commitments have already helped strengthen our business resiliency, bringing enhanced operational efficiencies and timely investment in new low-carbon technologies.”
Bob Maughon, Executive Vice President, Technology and Innovation, said: “Sabic is committed to addressing the industry challenges of carbon neutrality and the circular economy through embracing the need for innovation, external collaboration, and new value chain partnerships. In view of the commitment on a path to carbon neutrality, Science Based Targets initiative (SBTi) target-setting is under review. Our success toward this ambition is enabled by the willingness to test new technology solutions, business models, and partnerships, and the integration of ESG principles into every part of our business, functions, and markets.”
The chemicals major earlier underlined the necessity of global collaboration for a sustainable world in a post pandemic era during the Boao Forum for Asia (BFA) Annual Conference 2021.
Attending as an Honorary Strategic Partner, Sabic further manifested its thought leadership and commitment to China and Asia as a whole.
Speaking on behalf of Sabic Chairman Khalid H Al-Dabbagh, as the first speaker from the global business community and the only corporate speaker from the Middle East, Al-Benyan joined many other state leaders and international organization heads to deliver keynote speeches.
Al-Benyan stated: “The winners that emerge from the current turbulence will be those who embrace the need for transformation, the digital revolution, and the advantages of collaboration, as Sabic has been advocating all along. Sabic believes that in the spirit of collaboration we can overcome the biggest of challenges to build a cohesive, inclusive and sustainable world.”
Themed “A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation”, the 2021 BFA Annual Conference comes at an intersection of the forum’s 20th anniversary. This year, the forum was held in a hybrid format covering both online and offline channels, with focuses ranging from addressing the sustained global impact of Covid-19 to accelerating China’s “dual circulation” development pattern.
“The pandemic is a catalyst that has triggered a profound reaction. If we are to adapt and thrive, we must embrace new skills, new priorities and disruptive ideas,” said Al-Benyan. “Sabic will continue to grow in China with the widest extension of collaboration, to achieve win-win benefits and to foster a better future for the global business community.”
At the side-line of the event, Sabic concretised its statements through exhibitions of advanced and innovative solutions across five mega trends including Food & Water, Urbanization, Energy Efficiency, Healthcare and Sustainability, which were specially designed to underscore the company’s ambitions of driving the circular economy.