SABIC Shows How It Is Thriving Responsibly in 2020 Sustainability Report
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 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.
SABIC’s efforts to support the COVID-19 response also feature strongly in this year’s report. During 2020, it contributed over US$33.4 million in monetary and in-kind donations, delivered across 212 activities and reaching more than 35 million people in 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%), material loss intensity (46.3%), green-house gas intensity (15.5%) and energy intensity (10.5%).
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.
NOTES TO EDITORS
- SABIC and brands marked with ™ are trademarks of SABIC or its subsidiaries or affiliates.
- SABIC should be written in every instance in all uppercase.
- © 2021 Saudi Basic Industries Corporation (SABIC). All Rights Reserved.
SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.
SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Production in 2020 was 60.8 million metric tons.
The company has more than 32,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 9,946 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.