Oil and chemicals company SABIC has said it intends to produce 1 million tonnes of chemically recycled plastic annually by 2030.
At a reception at the World Economic Forum Annual Meeting in Davos, Switzerland, SABIC unveiled that it expects to provide commercial delivery of its TRUCIRCLE polymers this year from its first advanced recycling plant in Geleen, Netherlands.
Following this, it now plans investment in world-scale plants that would have the potential to process 200,000 tonnes of material per year.
SABIC chief executive Abdulrahman Al-Fageeh said: “At SABIC, we are committed to helping provide our customers with more sustainable solutions, and our target of one million metric tons of TRUCIRCLE solutions by 2030 intends to help usher in the new circular economy.
“Driving circularity for plastics will require a rapid transformation of the entire value chain, which is only possible through collective action, innovation, and collaboration across the industry and eco system of waste management. Therefore, we are working hard with downstream and upstream partners to accelerate this process.”