SABIC CEO: Innovation and collaboration needed to meet sustainable development goals
Speaking to a group of innovators, investors and global leaders today at the third-annual Future Investment Initiative (FII), SABIC Vice Chairman and CEO Yousef Al-Benyan said that innovation and collaboration among global businesses will be crucial to meeting the UN’s Sustainable Development Goals.
The event was hosted under the leadership of HRH Prince Mohammad bin Salman bin Abdulaziz Al-Saud, Crown Prince, Chairman of the Council for Economic and Development Affairs and Chairman of the Public Investment Fund (PIF). It asked the question, “What’s next for global business?” and covered a range of topics around the future of energy, the workforce and technology.
Speaking on a panel about “Investing for Impact,” Mr. Al-Benyan focused on the UN’s Sustainable Development Goals (SDGs) while touting SABIC’s achievements in sustainability and shared future ambitions. “I have said before that there are disruptive forces reshaping our industry, our customers and our world,” he said. “We see these as opportunities to build partnerships and devise innovative solutions that respond to these challenges.”
SABIC recently launched TRUCIRCLE™, an initiative that links the company’s innovative circular materials and technologies. It seeks new partners to address one of the world’s most urgent sustainability challenges – the reduction of mixed plastic waste. The program includes bio-based renewable polymers, mechanically recycled polymers, and SABIC’s flagship certified circular polymers, which are made from the chemical recycling of mixed plastic waste.
Circular polymers, Mr. Al-Benyan said, are a key to fulfilling the promise of a circular economy, and stemming the flow of plastic waste into waterways and ecosystems. “We are collaborating with our upstream suppliers and key downstream customers, on a disruptive innovation that upcycles mixed plastic waste back to the original polymer for packaging applications. This is an example of the circular economy at work.”
SABIC has also made strides in reducing carbon dioxide emissions from its industrial processes. Mr. Al-Benyan told attendees that “In Jubail we have built the world’s largest CO2 capture and purification plant, which can capture up to half a million tons of CO2 annually from certain production processes and convert it into feedstock for industrial processes. That is equivalent to planting over 11 million trees.”
These efforts are a crucial part of SABIC’s 2025 strategy, which includes a unique SDG roadmap addressing 10 goals that build sustainability throughout the value chain. The SDGs are at the heart of the company’s business planning, and remain crucial to its global leadership.
SABIC is a strategic partner for this year’s FII event, where global leaders chart the future of global business. The company employs more than 33,000 people across the globe and continues to pursue an ambitious growth strategy across Europe, the Americas and Asia. Its global links help deliver long-term, sustainable prosperity and growth in KSA and across the globe. As a global leader with deep Saudi roots, SABIC’s efforts make it a vital contributor to Saudi Vision 2030 – investing in the local economy while attracting international investment and helping to diversify the Kingdom’s economy.