- Increase percentage of EBITDA uplift proportion from R&D to 5 percent by 2025 and 10 percent by 2030.
- Expand investment proportion in R&D to at least 2 percent of GC’s petrochemical products revenue by 2030.
- Maintain status in the Top 10 of the Innovation Management category of the Dow Jones Sustainability Index (DJSI)
- Increase proportion of Corporate Venture Capital (CVC) investment to 70 million USD in 2025 in four technology groups, namely 1) Advanced Material, 2) Biotech & Life Science, 3) Clean Technology, and 4) Industrial Digital.
Challenges and Opportunities
Our endeavor to enhance competitiveness and accomplish the Net Zero Emissions Target has obligated GC to increase process efficiency, lower resource consumption and cut down greenhouse gas generation and emissions.
Furthermore, it also called for the long-term adjustment of our business portfolio towards low-carbon businesses and the development of products that answer to a low-carbon economy. This is carried out through the innovation development network to improve process efficiency and optimize resource consumption while also creating high quality, healthy, and eco-friendly. Such strategic move is in line with the global megatrend and answers to the demands of consumers.
Management Approach GRI 3-3 (2021)
Innovation Management Strategy
Recognizing innovation as the key supporting factor in achieving our Net Zero Emissions Target, we have adjusted our innovation management strategy as follows:
|Process Innovation for Efficiency and Decarbonization||A risk-balanced approach to improve margin & reliability and support decarbonization via new process technology.||Become top quartile leader in operation performance|
|Market-focused Product Innovation||Toward new customer and market solutions by product portfolio expansion.||Positioning and differentiation to gain higher commercial potential.|
|Venture Capital (Innovation Growth Platforms & Venture Capital||Expand boundaries beyond core business linked with growth and decarbonization strategy to create a portfolio of high impact projects.||New growth engine and sustainability|
GC has defined an operational framework consisting of 3 Horizons, which are Horizon 1: Strengthening the core, Horizon 2: Striving the growth, and Horizon 3: Sustaining the future, with focus on development for sustainable growth through the formulation of a Technology Roadmap.Technology Roadmap
More information on other highlight projects of innovation is available in GC Integrated Sustainability Report 2022, such as
- Thailand CCUS Consortium: Cooperation in carbon capture, utilization, and storage technology (clean tech innovation)
- Bioplastics Toothbrush Products: Substituting conventional plastic with bioplastics for “Venture” toothbrush handles.
- Furnace Management Program (FMP): Application of digital technology to process and improve the efficiency of high-temperature furnaces in the Olefins plant.
- By-product Upgrading: Adding value to and transforming by-products into precursors and products for refineries and Aromatics plants.
- Establishment of GC Ventures: Exploring technology and investment opportunities through CVC investment.