The Saudi Basic Industries Corporation or Sabic has entered into an agreement with the World Economic Forum and other global chemical-sector companies to formalize an emission-reduction plan, local reports have said.
The agreement is said to be targeted at formalizing the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023.
As a result, LCET members will be expected to share early-stage risks and co-invest in developing and upscaling low-emission technologies.
The project development company or PDC resulting from the agreement is expected to be designed and developed by an inclusive stakeholder primacy collaboration and supported by The Mission Possible Partnership.
The collaborators are Sabic, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SIBUR, Solvay, and World Economic Forum.
The local reports quoted SABIC Vice-Chairman and CEO Yousef Al-Benyan as saying: “As the LCET initiative moves into the critical implementation stage, it will demonstrate the groundbreaking innovation that our industry can achieve through collaboration.”
Al-Benyam, who is also LCET Co-Chair, added: “By working together to co-develop and upscale low carbon-emitting technologies, we will accelerate circular carbon economy journey to carbon neutrality.”