SABIC has released its 2020 sustainability report, which reflects on the successes of its sustainability journey and the profound changes arising from a challenging yet remarkable year. Now in its 10th year and titled “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.
SABIC’s efforts to support the COVID-19 response also feature strongly in this year’s report. During 2020, it contributed more than $33.4 million in monetary and in-kind donations, delivered across 212 activities and reaching more than 35 million people on five continents.
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.”
In the decade since the first sustainability report was published, SABIC has recorded impressive results in relation to climate, energy and resource efficiency commitments. Compared to 2010 baselines, in 2020 it secured important reductions in flaring emissions (56 percent), material loss intensity (46.3 percent), greenhouse gas intensity (15.5 percent) and energy intensity (10.5 percent).
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.
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 2020 Sustainability Report is a transparent insight into SABIC’s approach to delivering “Chemistry that Matters” to customers, suppliers, governments, NGOs, and communities all over the world.
