Driven by digital technologies, global connectivity is becoming a driving force behind greater transparency of corporate conduct and is redefining what sustainability means for the petrochemical industry, Peter L. Cella, president and CEO of Chevron Phillips Chemical, said at the Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum in Dubai.

In his talk entitled Petrochemical Growth v. 2030: How the Connected World is Redefining Sustainability, Cella discussed how sustainability has evolved over the years and how the changing expectations on transparency and corporate conduct in a digital age are impacting the industry.

"Doing the right thing and communicating with greater transparency is becoming an imperative, and social media is one of those essential vehicles," said Cella, explaining that social media has made the transparency process much easier for businesses, especially as user activities on Facebook, Twitter and other social media platforms lead to almost immediate action, both positive and negative.

"It's this dynamic that businesses and leaders should recognize so they can provide greater transparency among their customers and stakeholders," the executive said. To use the new media to their advantage, companies should be proactive and transparent in shaping their reputation, he said.

Cella noted also that social media platforms allow companies to provide a window into corporate conduct while allowing them to gather rich insight and identify potential issues.