Thailand-based Indorama Ventures Limited (IVL), one of the world’s leading producers in the intermediate petrochemicals industry, has committed to invest $1.5 billion and achieve recycling of 50 billion bottles per year by 2025. The company also plans to achieve 750,000 tons of post-consumer PET materials as feedstock into its polyester production per year.
Reduction in energy intensity by 5 per cent, water intensity by 10 per cent, GHG (Scope 1 and 2 combined) intensity also by 10 per cent, and adhering to UN Sustainable Development Goals (SDGs) are also part of IVL’s Key Sustainability Ambitions 2025, released as part of ‘Driving towards a circular economy’, the company’s Sustainability Report executive summary 2019.
By 2025, INDORAMA aims to integrate the circular economy into its business operations. It will partner with organisations to intensify its contribution to the circular economy.
IVL will increase its renewable energy consumption to 10 per cent by 2025, and to 25 per cent by 2030.
Besides achieving zero hazardous waste to landfill, IVL will support UN Global Compact, and implement Sustainable Products Classification, the executive summary said.
In 2019, INDORAMA was ranked 2nd among global chemical companies, and received ‘Silver Class’ distinction in the Dow Jones Sustainability Indices (DJSI) World and Emerging Markets (chemical industry).
“We embrace sustainability because it’s a journey, transformative, and demands that we continuallly improve–in our operations, our team, and for our long-term success. Our collective efforts will contribute to a successful decade of action on sustainability,” IVL group chief executive offier Aloke Lohia said.
“Recycling is at the heart of a sustainable and future global economy, and we at IVL believe that it is a critical innovation for economic growth. IVL is rapidly becoming a global leader in recycling by building infrastructure the world needs to close the loop and deliver a circular economy for PET packaging,” IVL chief recycling officer Yash Lohia added.
