SABIC aims to convert 1 million tons of waste into feedstock for the petrochemical industry by 2030, Al-Fageeh said RIYADH: Saudi Arabia’s top chemicals company is turning to circular economy solutions to reach carbon neutrality by 2050 and advance the Kingdom’s net-zero agenda, its CEO has said. Abdulrahman Al-Fageeh, CEO of the Saudi Basic Industries Corporation, was speaking at the “Demand for Energy ... Transforming Costs into Gains” panel during the special meeting of the World Economic Forum in Riyadh. SABIC aims to convert 1 million tons of waste into feedstock for the petrochemical industry by 2030, he said. The circular carbon economy has helped the chemicals sector expand its investment horizon since 2020, he added. Al-Fageeh said that SABIC marked achievements in energy efficiency and reduced its carbon footprint at the end of 2023 by 12.74 percent. The company is targeting carbon neutrality by 2050. SABIC has also adopted alternative energy from plastic waste, seeking to produce 1 million tons of sustainably sourced chemicals by 2030. Energy efficiency Al-Fageeh said that his company had started sustainability programs at an early stage, improved reliability, developed 90 initiatives and projects, and closed a number of sites due to ineffectiveness. In 2023, SABIC had more than 200 patents, 40 percent of which related to sustainability in energy efficiency.