Chairman’s welcome

The petrochemicals industry, like most other global industries, was not spared the impact of COVID-19. But we weathered the pandemic storm of the past few years because of the foresighted actions we took as part of our transformation program. Besides simplifying and consolidating our business portfolio, we implemented changes that place us in a stronger position to take on increasingly intense competition. In any case, 2021 marked a turning point for the ailing global economy, and the longer-term prospects for our industry continue to be encouraging

We drew upon the learnings of our peers in the industry, and aligned with relevant internal and external stakeholders. It was also the year in which we took our most far-reaching sustainability commitment yet: a public pledge to become carbon neutral by 2050.

SABIC is committed to the Paris Agreement goals and will continually pursue efforts and explore solutions to meet carbon neutrality from operations under our control by 2050, taking into account the different regional and national ambitions, commitments and initiatives. Focusing on our direct and indirect emissions generated by our own production (Scope 1 & Scope 2), we aim to reduce our carbon emissions by 2030 worldwide by 20% compared to 2018. In addition, we aim to collaborate with our partners in initiatives that aspire to reduce our indirect Scope 3 emissions along the value chain.

Indeed, our work, workforce, and workplace are undergoing irreversible change, and we must reshape our relationships not only with employees but also suppliers and customers. This will require a new culture of leadership within the Company. The SABIC Leadership Way specifies how our leaders can step up their engagement skills and focus on transparent communication and employee well-being.

We are witnessing significantly strong growth, capitalizing on the opportunities presented by economic recovery around the world. I believe that this is a true testament to our greatest asset: our people. And so I commend SABIC’s employees for their great efforts, ability to work well together in the most challenging times and embrace new ways of working, and for being outstanding ambassadors of the SABIC values.

Even before 2021, our strategy and transformation program aligned with the United Nations Sustainable Development Goals. We are therefore deeply committed to creating long-term value not only for shareholders but also for all our stakeholders under the umbrella of sustainability.

Ultimately, SABIC’s long-term vision is to become the preferred world leader in chemicals. I believe we are in pole position to accomplish that; we are fortunate to be based in a country whose wise leaders have a bold vision that is aligned with our own, and we are willing to adopt a set of norms that can help get us there.