SABIC today unveiled its global strategy towards carbon neutrality at the inaugural Saudi Green Initiative (SGI) Forum, which took place under the patronage of His Royal Highness Crown Prince Mohammed Bin Salman in Riyadh.
With the theme “A new era of action: Oasis Alive”, the invitation-only event was attended by a high-level delegation from the company who joined international heads of state and global leaders of business, finance, and civil society to discuss Saudi Arabia’s vision for tackling environmental challenges.
SABIC Chairman, Khalid Hashim Al-Dabbagh said, "The SGI provides an ambitious framework aimed towards the shared goal of achieving a green future. SABIC is an active contributor to several strategic initiatives announced today, including those geared towards the production of hydrogen, reusing captured carbon, and recycling plastics. At SABIC we recognize the power of collaboration to improve and protect the quality of life for the next generations. Sustainability is in our DNA and we’re pleased to contribute innovative technologies that will accelerate our journey towards carbon neutrality.”
SABIC Vice Chairman and CEO, Yousef Al-Benyan, joined an industry panel to discuss the scaling up of new technologies and reasserted the company’s global commitment to reduce greenhouse gas emissions and pursue carbon neutrality.
He said, “SABIC is uniquely contributing to the SGI goals and taking bold actions that support the Kingdom’s ambitions for the circular carbon economy. Our global carbon neutrality strategy reaffirms our commitment to the Paris Agreement goals and the continuous pursuit of solutions that can reduce greenhouse gas emissions.”
Mr. Al-Benyan added, “Many countries are competing for position as the world looks to broaden its energy mix and reduce carbon emissions. The foresight of Vision 2030, our abundant renewable resources and the innovative advances made by Saudi Arabian companies are making circularity a reality, placing the Kingdom in pole position to lead the new energy revolution.”
During the session, he outlined key SABIC’s circular innovations and collaborative efforts to transform energy intensive industry towards renewables, and being a founding member of the Low Carbon Emitting Technologies (LCET) initiative with World Economic Forum (WEF). In this collaboration, SABIC and 10 peer companies will work together to share early-stage risks and co-invest in developing and upscaling LCETs.
SABIC is also partnering in the development of the world’s first large-scale chemical site to operate on 100% renewable power and, in a different project, developing solutions for electrically heated steam cracker furnaces which could reducing emissions by up to 90%.
Mr Al-Benyan also highlighted some accomplishments including, the demonstration of blue ammonia supply chain and the development of the world’s largest CO2 capture and purification plant. Based in Jubail and operational from 2015, the pioneering facility can process up to 500,000MT of CO2 per year into feedstock for industrial processes.
Meanwhile, the company’s range of certified renewable polymers are providing an important bridge for the value chain to evolve from a linear to a circular economy and its landmark plastic chemical recycling processes contribute to CO2 reduction by preventing the incineration of plastic waste.