Our Approach and SDGs Environment Society Net Zero Business Resilience Reporting Center Sustainability in Actions Awards and Recognitions
Corporate Governance Business Conduct, Ethics and Compliance Risk and Crisis Management Organization Contributions Tax Strategy Supply Chain Management Information Security, Cybersecurity and System Availability Sustainability Valuation
Product Innovation Process Innovation Open Innovation

Innovation Strategy and Targets

Material Topics
Innovation Management
Impact Level
Impact Materiality : High
Financial Materiality : Very High
Double Materiality : Very High
Stakeholders
Shareholder
Investor
Customer
Communities
Supplier and Business Partner
Employee

Targets

  • Increase the EBITDA contribution from R&D to 10 percent of overall petrochemical products EBITDA by 2030
  • Maintain status in the Top 5 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:

Approach Actions Expected Goals
Competitiveness & Decarbonization
  • Uplifting competitiveness, e.g., enhancing the potential of innovation in production processes, including the development of Smart Plants
  • Reduction of greenhouse gas emissions, such as
    1. developing projects to support Efficiency-driven efforts, e.g. optimizing greenhouse gas emissions reduction
    2. researching the use of low-carbon energy
  • Become a leader and be placed in the top quartile in production process operations
  • Increase competitiveness and competitive prominence in the market for greater commercial potential.
  • Opportunity for the new model of sustainable business growth
Market-Focused Innovation
  • Application development to
    1. expand High Value Products (HVP)
    2. create products solution from Post-Consumer Recycled (PCR) plastic
    3. offer different experiences and solutions to customers
  • Development of products and technologies, e.g, strengthening production process capability to support the production of diversified products
Innovation Growth & CVC Platform
  • Net Zero, e.g., development of carbon capture and utilization technology
  • Development of renewable resources and comprehensive circularity system, e.g,
    1. expanding biotechnology and green technology base including bioplastic
    2. building on technology, e.g., Advanced recycling
  • Development of advanced materials, such as epoxy resin composite
Enabler
  • Strengthening an innovation culture within the organization
  • Developing an infrastructure that is ready to accept changes of the industry and cutting-edge technology
  • Application of technology and digital tools to execute innovation projects and innovation management
Technology Roadmap

More information on other highlight projects of innovation is available in GC Integrated Sustainability Report 2023, such as

  • Collaboration between GC and VISTEC in Synthetic Biology: Developing and researching biotechnology and synthetic biology.
  • Collaboration on Carbon Dioxide Utilization Technologies: Applying carbon dioxide utilization technologies to produce products
  • InnoPlus Solution Center: Establishing to connect business networks across the value chain
  • GC Ventures: Seeking technology and investment opportunities in the form of CVC
  • Development of HDPE for New Design CSD Cap (Light Weight):Light-weight product with properties of outstanding strength, good flowability, less raw materials consumption
  • Collation Bundling Shrink Film: exhibiting excellent mechanical properties with downgauging ability.
  • Online Heater Cleaning for Olefins Plant: better achieving the desired level of cleaning efficiency, no wastewater generating during the cleaning process, lower cost compared to conventional cleaning method.
  • Phenol Heavy Residue Upgrading to Carbon Black Feedstock: Adding value to byproducts, and transforming them into feedstock for other products.
  • Visbreaker Unit Optimization Model: Adding value to byproducts
  • B-LEAP: Utilizing digital technology to augment capabilities and streamline research.
GC ISR 2023