Message from Our CEO
Khaled bin Hamad AlGnoon
Chief Executive Officer
Our mission transcends providing electricity; it’s about fostering a world where every watt generated contributes to the well-being of our planet and its people. Sustainability is not just a choice; it’s an integral part of our identity, driving us to innovate, conserve, and empower communities for a brighter and greener tomorrow.
Sustainable Operations for a Resilient Future
As we navigate the energy landscape, our steadfast commitment to sustainability is deeply ingrained in our company ethos. Throughout the past year, our unwavering dedication to ESG principles has influenced our operations, decisions, and initiatives, aligning seamlessly with global sustainability objectives and goals of the Kingdom’s 2030 vision. Building on these foundations, we are intensifying our efforts to shape a more sustainable and resilient energy future through strategic investments, innovative solutions, and collaborative ventures. Embark on this transformative journey with us, witnessing how challenges transform into opportunities for growth. This showcases that sustainability is more than a goal; it is a shared commitment guiding our trajectory forward.
Pioneering a Net Zero Future
In our unwavering commitment to environmental sustainability, we unveiled our ambition of achieving Net Zero emissions by 2050. This ambition was reinforced by signing eight MoUs with leading organizations at COP28. Overcoming challenges, we successfully decreased our grid emissions intensity by 2.96% compared to last year. In tandem with the Saudi Green
10 Initiative, we initiated 22 renewable interconnection projects
and generated 10,688 MWh of electricity through rooftop solar panels for self consumption. Additionally, our proactive approach included the purchase of carbon credits from the Regional Voluntary Carbon Market Company (RVCMC).
Recognizing the pivotal role of robust grid infrastructure in driving the transition to renewables, we signed a SAR 11.25 billion international syndicated facility agreement. This strategic move involves developing smart grids, integrating renewable energy projects, and enhancing overall grid reliability, working steadfastly towards unlocking the Kingdom’s transition to renewables and achieving our Net Zero emissions ambition by 2050.
Empowering our People and Community
In the pledge to our people, we achieved significant milestones in employee development, boasting 37.30 hours of training per employee in 2023. Ensuring holistic growth, 100% of our employees underwent regular performance and career development reviews, contributing to zero discrimination incidents, and a remarkable 53% reduction in the lost-time injury rate compared to 2020. We invested SAR 6.87 million towards community impact through initiatives including volunteer programs, safety training workshops, sponsorship of children with disabilities. Our Saudization efforts resulted in an impressive 94% nationalization of the total workforce in 2023. Our initiatives towards diversity encompass an 88.90% rise in female representation within senior and middle management roles, along with a remarkable 52.90% of the SEC workforce comprising of youth.
Evolving with Transparency
Our commitment to transparent, ethical, accountable, and responsible business practices was fortified through our governance pillar under the ESG strategy. Initiatives aligning with these principles include localization efforts, resulting in a 70% spend on local manufacturers in 2023. Our dedication to research and development manifested in SAR 37.89 million being spent towards research, development, and innovation. The Build & Employ National Abilities (BENA) program furthered our commitment by focusing on maximizing local content and prioritizes the transfer of know-how and technologies, fostering national expertise. Comprehensive employee governance awareness programs were implemented to minimize non-compliance incidents, ensuring transparency and accountability. Our commitment to enhancing customer interactions is evident through the digital transformation of customer services, aiming to elevate the overall customer experience.
Building Partnerships for a Sustainable Future
In our commitment to sustainability, we fortify our impact through transformative partnerships. The launch of the Electric Vehicle Infrastructure Company with Public Investment Fund (PIF) exemplifies our dedication, aiming to deploy 5,000 electric vehicle fast chargers by 2030. Our collaboration with the National Center for Vegetation Cover Development & Combating Desertification, reflects a sincere commitment to combat desertification and revitalize ecosystems by planting 5 million trees by 2030. Furthermore, our strategic alliances with influential partners underscore our dedication to
pioneering initiatives. These encompass the establishment of a cutting-edge Center of Excellence (CoE) for Sustainability, driving global awareness about ‘interconnected well-being,’ championing cryogenic carbon capture, advancing SF6 leak repair techniques, spearheading decarbonization research, and harnessing the power of AI for revolutionary advancements in weather prediction and emissions reduction. The depth of our partnerships extends to societal responsibility, as evident in collaborations with the Ministry of Education and the Children with Disability Association.
As we reflect on the accomplishments of 2023, we eagerly look forward to the promising achievements that lie ahead in 2024. Together, we are poised to make a lasting impact, shaping a more sustainable and resilient future.