Sustainability
Saudi Electricity Company’s (SEC) business strategy and activities are intricately aligned with both the Saudi Vision 2030 and the Sustainable Development Goals (SDGs) outlined by the United Nations (UN). SEC is dedicated to advocating for energy efficiency, ensuring the secure and reliable provision of electricity, advancing energy transition, and preserving resources. The company also prioritizes fostering economic diversification, community development, and transparency in business practices.
In alignment with the Kingdom’s aspiration to achieve Net Zero emissions by 2060, SEC through its decarbonization projects is working towards their ambition of Net Zero emissions by 2050 (1). The company actively collaborates with the Ministry of Energy on grid interconnection and supports the National Liquid Displacement Program, contributing to the Kingdom’s ambitious goal of generating 50% of electricity from renewable sources, 50% from natural gas, and transitioning to a cleaner energy mix by 2030. SEC recognizes the significance of Environmental, Social, and Governance (ESG) factors in ensuring long-term business success and is dedicated to sustainable and responsible business conduct. The company’s commitment to sustainability goes beyond fostering business resilience and ensuring regulatory compliance. It serves as a catalyst for bolstering investor confidence, reducing costs, mitigating risk, achieving environmental stewardship, fostering customer loyalty, and attracting top-tier talent.
ESG Journey
SEC has made significant strides in advancing the ESG agenda throughout the year. The progress is underscored by the successful rollout of its ESG strategy, after being endorsed by the Board. Concurrently, the establishment of the ESG Governance framework serves as a cornerstone, facilitating cohesive and collective sustainability actions across the company. To fortify its commitment to developing sustainability competencies, the company has invested considerable efforts in knowledge-sharing sessions aimed at socializing ESG principles across business lines.
Within SEC’s environmental sustainability ambitions, the integration of renewable energy with the National Grid is pivotal. Progress on this front has been substantial, with the company remaining on track to complete 25 renewable energy integration projects by 2026. Additionally, efforts have been initiated to develop a roadmap for circular economy programs, optimizing the use of valuable resources. Furthermore, the company’s commitment to energy efficiency and data tracking is evident in the deployment of innovative digital solutions. The expanded adoption of these solutions ensures accurate tracking of resources used in generation.
Recognizing the strategic importance of diversity and inclusion, SEC has taken concrete steps by establishing a dedicated Diversity and Inclusion department enabling the company to empower women and youth (18–35-year-old) in the workforce through various avenues.
In parallel, SEC remains steadfast in its dedication to community enrichment, emphasizing the importance of fostering valuable relationships with the communities the company serves. Charitable activities, including the impactful Ihsan Care initiative, employee deduction initiative, and various community projects, showcase the company’s commitment to giving back and contributing to the betterment of society.
Further strengthening its commitment to ESG in 2023, SEC announced its ambition to achieve Net Zero emissions by 2050 and signed 8 Memoranda of Understanding (MoUs) with leading local and international companies. The agreements were signed during COP28 in line with SEC’s endeavor towards decarbonization. These collaborations include one with the Net Zero Technology Center (NZTC) and Accenture to launch a Center of Excellence (CoE) for Sustainability, with the goal of developing solutions to reduce carbon emissions.
The ambition of SEC to achieve Net Zero emissions by 2050 and its MoUs with international companies
