MATERIALITY

Since conducting our first materiality analysis in 2011, we refresh the analysis every 3-4 years along with a new stakeholder analysis. As part of these analyses, we examine our internal and external stakeholder needs, major trends, benchmarks, and relative business impacts to determine the most relevant priorities for SABIC. Taking into consideration all three dimensions of sustainability – economic, social, and environmental – our materiality results reflect the importance of climate change and validates our focus on this global challenge.

The materiality topics that anchor this report were generated in 2018, and reviewed annually as part of the report-preparation process. A new materiality analysis and stakeholder analysis was initiated in 2022 and will be completed in 2023. A critical component of this materiality analysis is the concept of double materiality, and key references points are the EU Taxonomy, the GRI standards, and the forthcoming ISSB standards as SABIC plans to move to a single integrated annual report in the coming years. SABIC will use this renewed materiality assessment as a foundation for integrating material aspects of sustainability into our business strategy and processes.

STEP-CHANGE TARGETS