SABIC at FII Demonstrates Global Impact of Carbon Neutrality Ambition

Earlier this week, at the Saudi Green Initiative conference in Riyadh, His Royal Highness Crown Prince Mohammed Bin Salman pledged to make the Kingdom carbon neutral by 2060 and SABIC outlined its supportive plans to achieve carbon neutrality from global operations under its control. 

SABIC VC&CEO and leadership were attending the fifth Future Investment Initiative (FII) where SABIC is a strategic partner. Now in its fifth edition, the three-day conference in Riyadh gathered together global leaders from business, government, and investment to focus actions on the theme ‘Invest in Humanity’. 

SABIC leadership also participated in a Saudi – UK Roundtable organized by the ministry of investment and led by H.E Khaled Al-Faleh Saudi Investment Minister and lord Grimstone UK Investment Minister.  

Mr Al-Benyan said: “The aspiring targets set by His Royal Highness provide the foundation for a brighter, more sustainable future. As Saudi Arabia transforms towards carbon neutrality, the ripple effects will deliver significant benefits for the rest of the world. 

“Saudi Arabia’s ambition is already inspiring more countries and regions to step up. As a proud Saudi company and an industry leader, SABIC is pleased to share our innovative technologies and invest for the future.”

SABIC announced today one of its series of actions the company is taking as part of its carbon neutrality strategy. The investment in SABIC’s Teesside, UK site will include strengthen operations and enable its chemical cracker  transformation. This will reduce its carbon footprint by up to 60 per cent in phase one, making it one of the world’s lowest carbon-emitting crackers. In the second phase, a carbon neutrality feasibility study will be undertaken via use of hydrogen as a fuel source. SABIC has total investment in UK around 1 billion pound. 

SABIC is already contributing to the Circular Carbon Economy through a range of landmark developments, including plastic chemical recycling, renewable energy deployment and its operation of the world’s largest CO2 capture and purification plant in Jubail.

Earlier this year the company also confirmed new collaborations aimed at developing and demonstrating solutions for electrically heated steam cracker furnaces; and establishing the world’s first large-scale chemical site to operate on 100% renewable power. 

This year’s FII brings together more than 250 top international speakers and facilitates discussions revolving around the investments which can create the greatest benefits for humanity. The conference includes interactive summits on Investing in Education; Investing in the Metaverse; and Investing in Environmental, Social and Governance (ESG).