Equate Invests Over $2.8 Million in Society & Decreases Greenhouse Gases by Over 1 Percent Through Sustainability Efforts
Continuing its role as a global petrochemical enterprise committed to sustainability, the EQUATE Group issued its 2015-2016 sustainability report that details its combined performance after acquiring MEGlobal in 2015.
As the fifth account of its type issued since 2012, the EQUATE Group’s Sustainability Report 2015-2016 was developed according to the guidelines of the Global Reporting Initiative (GRI) to cover the Group’s locations in Kuwait, UAE, Canada and the USA. In addition, it details EQUATE’s Sustainability Strategy 2025.
EQUATE’s President & CEO Dr. Ramesh Ramachandran, said: “The Group seeks to create sustainable development through the triple bottom line of economy, society and the environment in all our locations. Sustainability is a core strategic objective that we want to achieve with our stakeholders. It is applicable to every aspect of our enterprise, and is not an expression that we use lightly”.
“Having launched our Sustainability Strategy 2025 during 2016, we renewed our focus and plan to enhance the impact of our activities throughout the world. The strategy consists of 16 initiatives identified under three core themes – Build, Innovate and Impact. These are elements that we aspire to achieve in all parts of our business,” added Dr. Ramachandran.
Covering a number of sustainability topics, major highlights from the report include:
- Total amount of community investments reached $2.8 million in 2015 and 2016
- An increase in the economic value retained from zero to $37.5 million during 2015 to 2016
- An increase of over 119% in the direct economic value generated from $1.619 million to $3.557 million throughout 2015 to 2016
- A decrease of over 58,000 tons of direct greenhouse gas emissions representing a 1.14% reduction between 2015 and 2016
- An achieved goal of zero regulatory fines
- EQUATE’s sustainability roadmap until 2025 and overall realized progress
- Alignment with the UN Sustainable Goals (SDGs) and the Kuwait National development plan 2035.
To learn more about the EQUATE Group’s sustainability efforts, visit the Sustainability section on EQUATE’s website www.equate.com.
The EQUATE Group* is a global producer of petrochemicals and the world’s second largest producer of Ethylene Glycol (EG). The Group has industrial complexes in Kuwait, North America and Europe that annually produce over 5 million tons of Ethylene, EG, Polyethylene (PE) and Polyethylene Terephthalate (PET). The products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders include Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). The Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. www.equate.com
* The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), its subsidiaries and The Kuwait Olefins Company (TKOC).
EQUATE Petrochemical Company
Established in 1995, EQUATE is a global producer of petrochemicals which participates in the creation of a better world, by providing reliable services and solutions, enabling global customers and stakeholders to grow and attain the success they seek. EQUATE’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC), and Qurain Petrochemical Industries Company (QPIC).
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