Turning Waste into Solutions: SABIC’s Circular Economy Approach towards Carbon Neutrality
In a bold move towards achieving carbon neutrality by 2050, Saudi Arabia’s leading chemicals company, SABIC, is embracing circular economy solutions to advance the Kingdom’s net-zero agenda. CEO Abdulrahman Al-Fageeh shared this vision during the “Demand for Energy… Transforming Costs into Gains” panel at the World Economic Forum’s special meeting in Riyadh.
By 2030, SABIC aims to convert 1 million tons of waste into feedstock for the petrochemical industry, showcasing its commitment to sustainability. Al-Fageeh highlighted how the circular carbon economy has broadened the chemicals sector’s investment horizon since 2020, paving the way for innovative solutions.
Noteworthy achievements include a 12.74 percent reduction in SABIC’s carbon footprint by the end of 2023, signaling progress towards the company’s goal of carbon neutrality. Additionally, SABIC is exploring alternative energy sources from plastic waste with the aim of producing 1 million tons of sustainably sourced chemicals by 2030.
Driving Sustainability through Energy Efficiency
Al-Fageeh emphasized SABIC’s early commitment to sustainability by implementing energy efficiency programs, enhancing reliability, and launching 90 initiatives and projects. Inefficiency was addressed by closing several sites, reflecting the company’s dedication to optimizing operations.
With over 200 patents in 2023, 40 percent of which focused on sustainability in energy efficiency, SABIC is at the forefront of innovation in the chemicals industry. The company’s proactive approach underscores its determination to lead the way towards a greener, more sustainable future.