Our Sustainability Journey
2023 Milestones
SEC has accomplished notable milestones and advancements in its ESG journey through diligent organizational efforts and the implementation of sustainability initiatives throughout the year. The appended timeline provides an overview of the notable ESG- oriented efforts undertaken by the company this year.
March
ESG Strategy Endorsement and Implementation
ESG Strategy endorsed by Board of Directors and rolled out.
April
Green Sukuk Issuance
Raised SAR 7.5 billion via green sukuk issuance with a dual-tranche, including a green tranche.
June
Carbon Credit Acquisition
Purchased Carbon Credits from the Regional Voluntary Carbon Market Company (RVCMC) to offset emissions- amongst the top 3 largest purchasers.
October
Strategic Funding for Sustainable Infrastructure
Received SAR 11.25 billion in funding to build smart grids, integrate renewable energy projects, and improve grid reliability
October
Accelerating Electric Vehicle Adoption
Launched Electric Vehicle Infrastructure Company (EVIC) in partnership with Public Investment Fund (PIF) to establish fast-charging infrastructure and accelerate EV adoption.
December
Net Zero Ambition
Announced Net Zero emissions by 2050 ambition in line with the KSA’s endeavor to achieve Net Zero emissions.
December
Driving Sustainability Innovation
Signed 8 MoUs for sustainability-focused partnerships at COP28, including ones for planting 5 million trees across Saudi Arabia and launching a CoE for sustainability with NZTC & Accenture.
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Nationalization of The Workforce
Incidents of Discrimination Reported by Employees
Training Hours Delivered/Employee
Employees & Contractors Trained in Health & Safety
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Share of Independent Board Members
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Supply Chain Localization
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Development & Innovation Spending as % of Sales
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Local Content in Procurement
Industry Associations & Memberships
SEC is an active member of various industry associations and sustainability-focused groups. Through these memberships SEC aims to share knowledge, learn from best practices and provide inputs to policy decisions for a sustainable future.
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