RIYADH, Saudi Arabia — SABIC has entered an agreement with the World Economic Forum and other global chemical sector companies targeted at formalizing the Low-Carbon Emitting Technologies initiative into a stand-alone entity by 2023.
In collaboration, LCET members will share early-stage risks and co-invest in developing and upscaling low-carbon-emitting technologies.
The project development company will be designed and developed by an inclusive stakeholder primacy collaboration between SABIC, Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp., Royal DSM, SIBUR, Solvay and World Economic Forum, and is supported by The Mission Possible Partnership.
The joint undertaking represents the LCET initiative’s seminal transition from a knowledge sharing platform to the implementation vehicle as envisioned at its 2019 founding, and on course with its original mandate to accelerate greenhouse gas (GHG) reduction in the chemical production value chain. The Forum-hosted collaboration is designed to foster creative public/private partnerships, partnerships and to enable pre-competitive cooperation especially on common challenges to the industry to drive sustainable solutions and collectively solve challenges on the path to carbon neutrality.
“As the LCET initiative moves into the critical implementation stage, it will demonstrate the groundbreaking innovation that our industry can achieve through collaboration”, said Yousef Al-Benyan, Vice Chairman and CEO of SABIC, and LCET Co-Chair. “By working together to co-develop and upscale low carbon-emitting technologies, we will accelerate circular carbon economy journey to carbon neutrality.”
This effort calls for new ways to finance net-zero solutions, creative sharing of expertise, and for more producers, technology providers and value chain partners to join the LCET initiative in meeting the Paris agreement and UN 2050 sustainability goals.
