SABIC, the global diversified chemicals company headquartered in Riyadh, scooped the “Best ESG” award at the Saudi Capital Market Awards 2022, in recognition of its commitment to adopting the highest Environmental, Social and Governance (ESG) standards
The awards ceremony was held on March 22 at the conclusion of the Saudi Capital Market Forum 2022, which was organised by the Saudi Tadawul Group, and held under the patronage of H.E. Mohammed El Kuwaiz, chairman of the Capital Market Authority (CMA).
Yousef Al-Benyan, SABIC’s vice chairman and CEO, said, “We are proud to have been recognised as a leader in ESG standards in the Kingdom. Sound and effective corporate governance, a sense of responsibility towards stakeholders and society, and a concern for economic and environmental sustainability, have been essential elements of SABIC since our foundation. Moving forward, we will continue to find new and effective ways of embedding these ESG imperatives into every level of our organisation.”
The ”Best ESG” award assessed all entries on a range of key criteria, including ESG governance, frameworks used for ESG reporting, and major ESG achievements, among other factors.
The win follows SABIC’s recently announced carbon neutrality strategy, which reflects its commitment to the Paris Agreement goals and the continuous pursuit of solutions that can reduce greenhouse gas emissions. Examples of major initiatives include renewable energy deployments in the Kingdom, and the company’s operation of the world’s largest CO2 capture and purification plant in Jubail.
Through its Sustainability Report, SABIC has provided a transparent insight into its commitment to being a sustainable leader since 2011. The company also established its ESG Reporting Steering Committee in 2020, which is responsible for driving the ESG reporting strategy and roadmap, while promoting the integration of ESG factors into core business processes and decisions.