SABIC hosts high-level forum on Circular Carbon Economy
A high-level virtual forum on the Circular Carbon Economy (CCE) was hosted by SABIC, a global leader in diversified chemicals. Attended by over 300 participants, the event addressed how enabling the CCE through the application of game-changing technologies, is playing a vital role in helping companies meet the rising expectations of investors and wider society with regard to Environmental, Social and Governance (ESG) standards.
The first-day sessions at the Circular Carbon Economy (CCE) Enablers Forum highlighted the growing efforts of technology venturing arms of corporate and institutional organizations in facilitating the use of the ‘4Rs’ of the CCE (Reuse, Reduce, Recycle, and Remove). The sessions also explored how to apply the ‘4Rs’ on a commercial scale, as a route to harnessing their added value towards improved ESG performance.
SABIC Vice Chairman and CEO, Yousef Al-Benyan, opened the forum and said: “Climate change is one of the major challenges of our time. The CCE framework presents an effective solution towards significantly reducing greenhouse gas emissions for the long term. However, delivering a lasting and positive impact will require the public and private sector to work closely together, harnessing the full potential of their innovative and collaborative capabilities.”
He added: “At SABIC, we have continuously demonstrated our commitment towards a more sustainable future and, specifically, the Circular Carbon Economy. We have reached several key milestones in driving the Circular Carbon Economy framework forward, as witnessed recently in building the world’s largest carbon recapture plant in Jubail, and when we demonstrated, with Saudi Aramco, the successful production of blue ammonia along with the product’s first shipment from Saudi Arabia to Japan.”
Also taking place on Day 1, Adam Sieminski, president of the King Abdullah Petroleum Studies and Research Center, (KAPSARC) introduced the CCE and its value proposition.
Day two began with opening remarks from Dr. Bob Maughon, SABIC’s Executive Vice President for Technology and Innovation (T&I) and Sustainability, who highlighted: “The circular carbon economy today is being complemented by the Life Cycle Assessment and the rise of Environmental, Social and Governance (ESG) standards, which are becoming an increasingly important part of the global investment community’s agenda.”
From there, discussions focused on areas such as the role and importance of the Life Cycle Assessment (LCA) in building the CCE and the challenges associated with maintaining a strong alignment with ESG requirements. Sessions also included insights shared by investors on their perspectives around the growing importance of ESG, and the ongoing challenge of aligning LCA practices at organizational and country levels.
The closing remarks of Day 2 were delivered by Dr. Fahad Al-Sherehy, SABIC’s VP for Energy Efficiency and Carbon Management.
SABIC has been actively involved in researching the CCE in Saudi Arabia and has worked closely alongside Saudi Aramco as well as government and academic institutes, including NEOM and the King Abdullah University of Science and Technology (KAUST).
SABIC has played a key role in driving the CCE agenda forward during the recently held B20 Summit in Riyadh and will continue to do so in the upcoming G20 Summit.