Population growth presents a clear challenge. By 2050, an estimated nine billion people will inhabit the earth, with more than 60 percent living in urban centers. The rapid rise in new middle-class families will result in an increase in global consumption. These megatrends will drive significant growth in SABIC’s core businesses, but will require more resources such as energy, materials, water, and food that are already strained. These and other environmental and social megatrends are at the top of the agenda of governments and nongovernment organizations, and they are represented in the United Nations’ Millennium Development Goals. At SABIC, we believe that business plays an important role in developing solutions to these challenges, and that as a company we must integrate sustainability into the way we think and act. We also acknowledge that no one company can address these issues alone. The scale of the challenge is too large, too urgent, and requires speed never before imagined. Therefore, as a company we must collaborate with our stakeholders and business partners across the value chain. We must develop innovative sustainability solutions for the industries and regions in which we operate.
Our vision and strategy for sustainability recognizes there are no simple solutions to address the environmental, social, and economic needs of society. We must reexamine our achievements and challenges on a regular basis. For this reason, we describe sustainability as a journey for our business that requires continuous learning, adaptation, and improvement of our basic business processes and our response to the priorities of our diverse stakeholders. We are working to optimize our impact, reevaluate our priorities, and ensure that we are viewing our core business strategy through the lens of sustainability.
APPROACH & COMMITMENT
SABIC’s sustainability effort is guided by a materiality process to ensure that our business and sustainability strategies are aligned. Aligning the strategies enables us to focus resources on the risks and opportunities that are most important to our stakeholders and business success.
We are beginning to explore the newly adopted United Nations Sustainable Development Goals and the ways that SABIC’s products and services can improve human welfare, promote inclusive and sustainable industrialization, and foster innovation.
We believe these approaches and focus areas help us to prioritize our activities, allocate resources, and decide where we need to develop key processes and metrics to track our performance today and in the future. We will periodically review and assess these focus areas through an ongoing materiality analysis to ensure that we are concentrating our work in areas that address changing risks, opportunities, and stakeholders' expectations.
Discover SABIC’s sustainability reports in our corporate website.