Saudi Arabia-based chemicals provider SABIC has released its 2022 Sustainability Report, highlighting the company’s progress towards achieving its key sustainability goals.

The ‘Sustainable Growth for a Better World’ report details the company’s ongoing efforts and collaborations to help it achieve carbon neutrality by 2050.

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The report encompasses the entirety of last year and specifies key issues, including ensuring responsible chemicals management, advancement of the circular economy and boosting environmental, social and governance disclosures.

SABIC CEO Abdulrahman al-Fageeh said: “Megatrends that have been unfolding slowly are now emerging as forces of change, affecting our industry in new ways.

“Given the pace of change and the challenges in our world, we redoubled efforts to drive innovation and collaboration in 2022 in order to maximise our contributions across the wider value chain, industry and beyond.

“SABIC is undergoing a complex transformation to ensure sustainability is at the core of everything we do, from our portfolio to our people. While we see challenges on the horizon, we remain both focused on this exciting phase of sustainability ahead and confident that SABIC is well positioned to lead the industry forward.”

In 2022, SABIC scaled up its initiatives to develop new solutions by collaborating with various industry partners such as Germany’s BASF and Linde to construct a demonstration facility for large-scale, electrically heated steam cracker furnaces.

SABIC also collaborated with recycling company Plastic Energy, packaging specialist Intraplás and technology business Finboot to explore the possibility of using blockchain technology to support the end-to-end digital traceability of circular feedstock for customers.

The company said that it will continue to prioritise circularity this year, with plans underway to upscale volumes of its TRUCIRCLE circular materials.

This effort aims to divert valuable used plastic from being discarded as waste. This in turn will allow manufacturers and consumers to use more sustainable products.

Earlier this year, SABIC pledged to process one million metric tonnes of TRUCIRCLE circular materials on a yearly basis, until at least 2030.