Message from Our Chairman
SH.E. Dr. Khaled bin Saleh Al Sultan
Chairman of the Board
We remain steadfast in our commitment to a path that supports the global transition to cleaner and more efficient energy solutions. We express gratitude for the continued support and collaboration of our stakeholders on this transformative journey.
Nurturing Prosperity Through Sustainable Progress
At SEC, sustainability guides our business ethos, underpinned by stakeholder insights. Through a robust ESG strategy, we seamlessly integrate environmental stewardship, social responsibility, and governance excellence into every facet of our operations, aligning with both national and international priorities.
Our dedication extends beyond powering the nation; we are pioneering environmental progress. Our strategy focuses on decarbonization by integrating renewable energy projects, investing in carbon capture technology, and aligning with the Kingdom’s Liquid Fuel Displacement Program and Circular Carbon Economy National Program. Prioritizing energy efficiency and leveraging digital solutions, we propel data- driven sustainability, ensuring every watt generated contributes to a brighter future. With a dedicated department promoting diversity and inclusion, we foster a culture that mirrors the rich diversity of the Kingdom. Through various charitable initiatives, we exemplify our commitment to community impact, marking notable milestones in our organizational sustainability journey.
At SEC, we don’t just illuminate the nation; we illuminate lives for a green and sustainable future.
Environmental Responsibility
As we navigate the challenges of the global energy transition, our commitment to sustainability is unwavering. Aligned with the Kingdom’s ambition of Net Zero emissions by 2060, we aspire to achieve the ambition of Net Zero emissions by 2050. This ambitious milestone reflects our dedication to a sustainable, low-carbon energy future.
We recognize the crucial role nature and biodiversity play in preserving our planet. Reinforcing this dedication, we have entered into a strategic partnership with the National Center for Vegetation Cover Development & Combating Desertification, pledging to plant 5 million trees by 2030 using renewable water across Saudi Arabia. In alignment with the Kingdom’s vision for a balanced electricity generation mix, with 50% from renewables and 50% from natural gas by 2030, we have earmarked investments exceeding SAR 11.25 billion by 2026 for 22 renewable energy interconnection projects. Guided by our ESG strategic objectives, we lead the charge in decarbonization through improving energy efficiency in power plants, reducing liquid fuel usage, and investing in cutting-edge carbon capture technology, thereby showcasing our steadfast commitment to a sustainable, low-carbon energy future.
Social Responsibility
In alignment with Saudi Vision 2030, we are dedicated to social responsibility, investing in initiatives that empower individuals, strengthen communities, and contribute to economic growth, social progress, and environmental sustainability.
Our focus on open communication, active engagement, and prioritizing local talent through tailored training programs reflects our commitment to fostering diversity, professional growth, and safe working conditions. Our initiatives with the Children Cancer Support Association, blood donation campaigns, funding non-profits, including home restoration initiative within the Makkah Cultural Forum actively contribute to the development of local communities.
Governance Excellence
At the core of our values, governance is paramount, upholding the highest standards of transparency, accountability, and ethical conduct. Our corporate governance structure, prioritizing integrity and compliance, builds trust among stakeholders. Also, our recently established ESG governance framework ensures Board & executive management oversight over the integration of ESG across the organization and robust implementation of the ESG strategy.
Our sustainability reporting evolves, incorporating refinements in governance, targets, and reporting mechanisms, demonstrating our commitment to environmental awareness, supporting local economies, and contributing to the Kingdom’s diverse economic landscape.
Acknowledgments
With deep appreciation for the unwavering encouragement and support from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman, along with the pivotal role played by His Royal Highness the minister of Energy Prince Abdulaziz bin Salman, we express our sincere gratitude for their instrumental support in our accomplishments throughout 2023.
Filled with pride as we reflect on our achievements, we seek Allah’s guidance as we aspire to attain even greater sustainability milestones, in line with the ambitious goals of the Kingdom’s Vision 2030.