SABIC is of the view that digitalization will play a key role in improved plant reliability and performance, supply-chain efficiency, and enhancing Environmental, Social, and Governance (ESG) transparency, besides making decision-making more agile and well informed, especially with the initiation of artificial intelligence and advanced data analytics.

 

Addressing a panel discussion on “Path to Net Zero,” at the World Petrochemicals Conference in Houston, USA, on March 23, Yousef Al-Benyan, SABIC Vice Chairman and CEO, referred to a World Economic Forum report that estimated digital transformation could potentially deliver as much as half a trillion dollars’ worth of economic benefits to the chemical industry over 10 years. It could also avoid thousands of injuries from improved safety and tens of millions tons of CO2 emissions, he told a group of global leaders from the petrochemical industry participating in the discussion.

 

Speaking on promoting collaborative innovation more broadly around the world, he said SABIC has adapted the Circular Carbon Economy Framework as a key enabler to achieve carbon neutrality ambitions. It will continue expanding its own carbon-neutral solutions portfolio, including its sustainable products, its leading world scale CO2 capture, purification, and utilization process in Jubail. It will also continue the development of low-carbon-emitting technologies as part of the World Economic Forum partnership with industry peers, including Dow, BASF, and others, besides the SABIC-BASF-Linde collaboration on electric cracking for olefin production as examples. Collaboration across the whole value chain, as well as with industry partners, will be essential to the success of this journey.

 

Al-Benyan cited the example of SABIC’s TRUCIRCLE portfolio that focuses on not only certified-renewable resins and chemicals from bio-based feedstock, but also certified-circular resins and chemicals made via advanced recycling of used plastics and mechanical recycling solutions as well. This portfolio, he said, was essential for SABIC to drive circularity through its value chain and to help mitigate potential effects of climate change.

 

Speaking specifically on supply chains, he said they were also expected to play a crucial role in bringing emissions under control – toward net zero. In this regard, SABIC is working closely with logistics providers to reduce the carbon footprint of transporting supplies, equipment and products – whether through more-efficient routing or by using modes of transport that have lower carbon intensity.

 

SABIC provides sustainable solutions to its customers strongly supporting their climate ambitions.  SABIC is actively engaged with companies along its products’ value chains to reduce its Scope 3 footprint, including accelerating its plastic circularity efforts.  

 

On SABIC’s investments to achieve its carbon-neutrality aspirations, Al-Benyan said that the company has been making investments over the past several years with an eye on sustainability. “That is in large part what enabled us to achieve excellent results in all sustainability KPIs. Our investments over the coming 10 years will pertain to energy efficiency, renewable energy, asset electrification, and carbon capture, storage, and utilization – among other things.” The clear message from Al-Benyan was that innovation, collaboration, and embracing calculated risk will be key to success.