SABIC Sustainability Report Gets Global Recognition
SABIC has been recognized as a leader in global sustainability reporting by the World Business Council for Sustainable Development (WBCSD), an organization of over 200 major businesses working together to accelerate the transition to a sustainable world.
“To be recognized by such a prestigious organization is an honor for SABIC and testament to the success of our integrated strategy for responsible business and growth,” said Yousef Al-Benyan, SABIC Vice-Chairman and CEO. “Sustainability is a core value at SABIC because it creates value for shareholders, business resilience, inspired employees, stronger communities, and environmental stewardship.”
Al-Benyan continued: “Sustainability is at the core of SABIC’s economic value-creation and growth strategy, enabling us to respond to the dynamic needs of our customers while helping to create exciting new solutions for some of the world’s greatest challenges. At SABIC, we call this ‘Chemistry that MattersTM’.”
The recognition was in a WBCSD report entitled Reporting Matters, released in October 2017, which examined 157 sustainability reports for the quality of their non-financial reporting. SABIC’s 2016 Sustainability Report, Transforming Together, was selected as an example of good practice for performance because of its focus on the most important issues, development indicators, and well organized narrative.
The WCBSD document reported that “SABIC’s report includes a performance summary with five years’ worth of data organized by report section. This data covers all highly material issues identified in their materiality assessment process. It’s accompanied by a strong narrative on performance in the appropriate sections of the report. KPIs include reference to a range of indicators including input, output and process.”
The recognition shows how SABIC is growing in prominence as a regional leader in both sustainability and reporting. It has invested heavily in sustainability projects in Saudi Arabia that stimulate downstream growth and support Saudi Vision 2030. These projects include the world’s largest CO2 recovery and purification plant, which purifies the gas for use as a feedstock for useful chemical products.
Sustainability at SABIC goes far beyond beneficial manufacturing projects to include human-capital development, corporate social responsibility, environment, health, safety, and security, compliance, innovation, and supply chain.