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Unlocking Opportunities: The Circular Economy

At Sabic We Believe Innovation And Collaboration Are Key To Unlocking A More Circular Future And Delivering Viable Business Opportunities

From the unveiling of the European Commission’s Circular Economy Action Plan, to commitments made by major brands to make their products more sustainable, the circular economy has been gaining traction and altering the way companies do business. At SABIC, we have embraced this change and see the circular economy as an opportunity to drive positive change in society, to strengthen our sustainability commitment and make our business more resilient. Throughout this process, we have acted on our values and belief that only through collaboration and innovation we can achieve the objectives of the circular economy while delivering viable business opportunities.


WHAT IS THE CIRCULAR ECONOMY?

The circular economy aims to eliminate waste by design with products created to be reused, restored or returned. It is an economic system that is built on the following three principles:

  • 1. Use products, materials and resources for as long as possible
  • 2. Get the most out of these products, materials and resources while they are being used
  • 3. Regenerate these products, materials and resources

INNOVATION AND COLLABORATION

Consumers are playing a decisive role in the shift from a linear to a circular economy as they demand greater sustainability and transparency from the products they use and the brands that produce them. At SABIC, we understand that we need to provide manufacturers with innovative solutions that benefit the end-consumer and don’t compromise their value system or their lifestyle.

In response, we developed our certified circular products to help our customers meet consumer demand for more sustainable products, while helping to close the loop on used plastic. Our certified circular products are produced from a feedstock that is derived from low-quality, difficult to recycle mixed used plastic that would otherwise be incinerated or sent to landfill. As part of the process, we work side-by-side with our upstream suppliers and downstream customers to upcycle mixed used plastic back to the original polymer for applications across various industries.

We are the first petrochemical company in the world to commit to scaling up the advanced recycling of used plastic back to the original polymer.

Our certified circular products are part of our TRUCIRCLE™ portfolio and services. Our TRUCIRCLE solutions represent an important milestone on SABIC’s journey towards transforming the value chain to create a circular economy for plastics. These solutions can help manufacturers and customers produce more sustainable products and can help avoid plastic becoming waste.

Our TRUCIRCLE™ portfolio and services of circular solutions span design for recyclability, mechanically recycled products, certified circular products from feedstock recycling of used plastics, certified renewables products from bio-based feedstock and closed loop initiatives to recycle plastic back into high quality applications and help prevent valuable used plastics from becoming waste.

In addition to innovation and value chain collaboration, working with our peers is essential to success, which is why SABIC is closely involved with several global alliances and frameworks to drive the systemic change required to achieve the aims of the circular economy. For example, we are founding members of the World Plastics Council , Alliance to End Plastic Waste and the World Economic Forum’s “Collaborative Innovation for Low-Carbon Emitting Technologies in the Chemical Industry” platform. These relationships, among many other key ongoing partnerships, complement our internal innovation agenda and can help accelerate the adoption of breakthrough technologies and business models.

Over the coming years, the global chemicals industry needs to evolve and innovate in response to the increasing impact of climate change and a society that rightly demands higher environmental standards.

We also need to work together and align our aims and objectives. Industry-wide changes need to be made in consultation with governments, regulators, industry bodies and other companies to ensure we are working together to transform the entire value chain in a lasting, meaningful way. While there is no doubt that the level of change still required is challenging, it also creates fertile ground to embrace new opportunities.

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