ESG Programs are becoming an integral part of future investment, and a requirement to do business with leading organizations. There needs to be a measurable demonstration of commitment and long-term sustainability targets that apply to all departments in a business.
Tell us how you see ESG programs impacting Kuwait’s economic recovery and growth.
As a global producer of petrochemical products and a significant contributor to the communities we operate in, we continue to adopt industry best practices and environmental, social, and corporate governance (ESG) programs to create value, reduce our carbon footprint, and maintain a positive impact on society.
ESG Programs are becoming an integral part of future investment, and a requirement to do business with leading organizations. There needs to be a measurable demonstration of commitment and long-term sustainability targets that apply to all departments in a business.
We continue to invest in our people, our operations, and communities and our expectation is that our partners do the same. The most recent edition of our bi-annual sustainability report highlights our progress in moving to renewable energy, our commitment to environmental sustainability, and our various local partnerships with whom we are working to reduce energy consumption and provide more sustainable alternatives. In addition to Kuwait’s economic diversification opportunities, sustainable business models will gain access to funds and partnerships with more leading organizations globally.
Do you think that new partnerships and M&A will have a role to play in helping organizations in Kuwait return to normalcy?
“Partners in Success” highlights our commitment to fostering mutually beneficial relationships and outcomes with and for our stakeholders, whether customers, suppliers, investors or communities. This has served us well during our growth years and even more so during the pandemic where the strength to weather the volatilities and challenges extended far beyond organizational reach. Our value chain continued to work effectively and efficiently, our operation continued to function and our integrated supply chain continued to ensure delivery of our products and services across geographies.
Organizations in Kuwait can benefit greatly from alliances, partnerships, and even M&A to leverage resources, capabilities, and access to a number of international markets. In our experience, new partnerships are strategic initiatives can be used to expedite the implementation of organizational transformation.
Organizations are resorting to a more/fully digital work ecosystem. What is EQUATE’s stance on that?
The applications of the digital work ecosystem in our industry are far-reaching. The past two years have accelerated the adoption of many solutions that have been existent for years, but not utilized, and have a newfound appreciation level for the interaction with customers, suppliers, and cross-functional teams. While the learning continues to evolve, we can all agree that a significant mindset shift will occur. As recovery from the pandemic continues, we will see a new normal emerging which we will assess to decide what works best for our business.
Globally, industries have recognized digital technology’s enabling role in driving innovation, boosting efficiency, and generating development. We’ve seen a majority of businesses shift to a work-from-home model in order to remain operational and support customers. Digitization allows transformation across many business functions and provides the basis for future value creation.
Businesses in Kuwait and in the GCC are leveraging digital technology to provide new opportunities for competitive advantage and value creation. At the macro level, governments throughout the GCC have recognized the economic and social benefits of digitization, and established ambitious plans and goals, such as Kuwait Vision 2035, to harness digitization and elevate its standing as a regional financial, commercial, and cultural hub.
Do you feel that organizations that are more inclusive and diverse have an edge over the others in terms of driving progress?
EQUATE Group’s success starts with our people, playing a key role in driving the petrochemical industry towards a sustainable future. Diversity and inclusivity enrich our organization’s knowledge and expertise to provide a broader perspective on the growing global economy.
We believe in Diversity and Inclusion as a competitive advantage that contributes to our organization’s long-term success. In 2019, we implemented the ELEVATE program, a program dedicated to providing all employees with equal access to resources and opportunities, empowering women to achieve their full professional career potential, and inspiring both men and women to become advocates, change-makers, and leaders. The program has accomplished several achievements in the last two years, including increasing the number of female production engineers at our manufacturing sites in Kuwait.
Our Kuwait operation has also reached a record high of localization, an important element of our local job creation and the development of key capabilities and skillsets.
Organizations are starting to embed a sense of purpose in everything they do to create more value for their stakeholders. Do you think organizations in Kuwait will benefit by creating more value for their stakeholders?
Absolutely. Our purpose is to provide safe, reliable, world-class products and solutions that serve as the basis for everyday consumable products, and contribute to sustaining a better world. A sense of purpose on a corporate level drives an engaged staff, builds confidence with customers, and allows greater integration with our communities.
Leading by example through best business practice, EQUATE’s investments in operational excellence and sustainable development have earned it international recognition. The organization’s Sustainability Strategy, focusing on 16 strategic initiatives, aims to have been achieved by the year 2025. These initiatives are divided into building a sustainable work and operational environment, innovating for a renewable and sustainable energy industry, and positively impacting the environment and local communities.
Our commitment to who we are and what we represent is evident in our Responsible Care (RC) 14001 Management System certification, that integrates the Responsible Care® Management System (RCMS®) and ISO 14001 into a single framework.
