SABIC takes part in FII as strategic partner, highlights low-carbon strategy
SABIC participated in the seventh edition of the Future Investment Initiative (FII) in Riyadh from October 24 to 26 as a strategic partner and highlighted its sustainability efforts and programs, including de-carbonization initiatives and future strategy for the production and use of low-carbon hydrogen.
Abdulrahman Al-Fageeh, SABIC CEO, joined government and business leaders from around the world at the Initiative where a new interactive program, “The New Compass,” was introduced to help investors recalibrate the pathways for their companies and for the global economy.
On the sidelines of the event, Al-Fageeh signed an agreement with the FII Institute’s WAVE – an initiative with the vision to accelerate ocean regeneration efforts. Closely aligned with SABIC’s strategy, WAVE’s model of engagement is aimed at contributing to Saudi Vision 2030 and the UN Sustainable Development Goals.
Speaking at a panel discussion on “Fast-Tracking Next Generation Fuel,” Al-Fageeh reflected on hydrogen as the potential fuel of the future. He said, “SABIC is following a dual, blue-and-green approach to obtain the low-carbon hydrogen its decarbonization plans require. Blue hydrogen will be produced using natural gas as feedstock. Green hydrogen would replace blue hydrogen when the economics, technological maturity, and regulatory regime work in its favor.”
Dr. Fahad Al-Sherehy, SABIC Vice President, Corporate Sustainability, addressed industry experts at another panel discussion on “Will AI Power an Energy Revolution.”
SABIC is aspiring to become carbon neutral by 2050 and working with partners in both government and industry toward a 20% reduction of CO2 emissions from our own manufacturing plants by 2030, with baseline 2018. SABIC is creating innovative solutions to enable it to deliver operational excellence and help in the reduction of greenhouse gas emissions globally.