European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Chemical

Sabic Reaffirms Commitment To Carbon Neutrality At World Economic Forum In Davos

by Alex Weber
May 26, 2022
A A
Share on LinkedinShare on Twitter

SABIC, a global leader in the chemical industry, has reaffirmed its commitment to reaching carbon neutrality by 2050 with global business figures and policy makers at the World Economic Forum meeting in Davos, Switzerland.

In line with this year’s theme of ‘Working Together, Restoring Trust’, SABIC used its reception to expand on how it will meet the 2050 carbon neutrality target, highlighting its Circular Carbon Economy (CCE) strategy. The session was hosted at the company’s iconic Innovation in the Circular Economy House (ICEhouse™), a concept-structure that presents new possibilities for building in closed-loop carbon systems that reduce energy and material waste. 

SABIC Vice Chairman and CEO, Yousef Al-Benyan, said: “At SABIC, we recognize the strategic role our industry must play in reaching carbon neutrality by 2050. We know we are working against the clock, and as we outlined during our event, SABIC is committed to taking action to accelerate our journey towards carbon neutrality.”

SABIC’s CCE strategy is a vital component of its Carbon Neutrality Roadmap, which sets out the company’s strategy to decarbonize all owned operations by mid-century in line with the goals of the Paris Agreement.  Launched in October of last year at the inaugural Saudi Green Initiative Forum, the roadmap provides SABIC’s most ambitious sustainability framework to date, bringing together the various elements of SABIC’s sustainability. The roadmap identifies five pathways towards total decarbonisation – Energy Efficiency; Renewable Energy; Electrification; Carbon Capture, Utilization and Storage; and Green/Blue Hydrogen. 

SABIC’s vision of a Circular Carbon Economy would be established by creating a system where all value chains of carbon-containing products loop back on themselves;  carbon-containing gases could either be captured before escaping into the atmosphere or converted into durable goods rather than being burned as fuel. SABIC is working to deploy a strategy of Reduce, Reuse, Recycle, and Remove to work towards this system:

  • Reduce: Finding ways to directly lower the amount of carbon released into the air. SABIC is building renewable power into its operations – working towards interim targets of 4 GW of renewables by 2025 and 12 GW by 2030. For example, SABIC commenced the supply of 300GWh of wind power to its Geleen, Netherlands, site in January.
  • Reuse: Taking gases that would otherwise be released into the air and incorporating them into solid or liquid carbon products.  A SABIC joint venture recently became the first company in the Middle East to produce certified circular methanol from captured and purified CO2.
  • Recycle: Advocating for increased plastic recycling around the world. SABIC is stepping up efforts with its TRUCIRCLE™ solutions to accelerate a circular economy for plastics, including the scaling up of advanced recycling solutions and helping to reduce the incineration of used plastics or plastics entering the environment – for example, working last year with Microsoft to launch a mouse made from 20% mechanically recycled ocean plastic.
  • Remove: Finding ways to remove CO2 that has already made its way into our atmosphere. SABIC has the world’s largest carbon dioxide capture and purification plant, run by one of our affiliates in Saudi Arabia. 

During this Spring edition of the Davos meeting, SABIC has also collaborated with Dutch solar technology provider Solarge, to install 46 solar panels on the building’s roof to power auxiliary lighting inside the ICEhouse to further underline its commitment to renewable power as an essential contributor to the energy transition.

Tags: < ESG | Sustainability

Related Industries

Chemical

Arkema among Europe’s top 100 innovators

March 30, 2023
Chemical

Decarbonization and reduction of energy consumption: Air Liquide to implement an innovative solution for Verallia

March 17, 2023
Chemical

Aramco and Linde Engineering to develop ammonia cracking technology

March 16, 2023
Chemical

Dominik Risse takes over as head of LANXESS Urethane Systems Business Unit

February 25, 2023
Chemical

BASF and Tenova Advanced Technologies enter into a joint development agreement for efficient recycling of lithium-ion batteries

February 23, 2023
Chemical

UPM Biochemicals and HAERTOL Chemie GmbH announce strategic partnership to develop new sustainable coolants

February 10, 2023

Blackstone Announces Opening of New Office in Frankfurt, Germany

March 21, 2023

...

UBS to acquire Credit Suisse

March 20, 2023

...

TotalEnergies Partners with Alimentation Couche-Tard in Belgium and Luxembourg and Sells its Networks in Germany and the Netherlands

March 17, 2023

...

UK High Court recognizes Lenovo as willing licensee in landmark FRAND case

March 17, 2023

...

Carlsberg Group appoints new Chief Executive Officer

March 17, 2023

...

European Corporate Development & Strategy Awards

March 9, 2023

...

Wärtsilä’s Juha Kytölä named as Chief Technology Officer of the year 2023

March 22, 2023

...

Decarbonization and reduction of energy consumption: Air Liquide to implement an innovative solution for Verallia

March 17, 2023

...

CVC supporting London, New York and Polish students

March 28, 2023

...

Kering Eyewear acquires French manufacturing company UNT

March 14, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist