Indorama Ventures Public Company Limited, a global sustainable chemical company, announced that it has recycled 100 billion post-consumer PET bottles since February 20111. This has diverted 2.1 million tons of waste from the environment and saved 2.9 million tons of carbon footprint from the product lifecycles2. Demonstrating its commitment to support the establishment of a circular economy for PET, in the last ten years, Indorama Ventures has spent more than $1 billion towards waste collection of used PET bottles.
Mr. Aloke Lohia, Founder and Group CEO of Indorama Ventures, said, “As we mark the recycling of 100 billion PET bottles, we want to thank consumers for recycling and global brand owners for using recyclable and recycled packaging while also increasing collection rates. The scale of the waste challenge requires us all to do more, faster. In March 2020, we announced achieving the milestone of 50 billion PET bottles recycled in nine years. Today, we hit the 100 billion mark in three and a half years.”
“By recycling post-consumer PET bottles into new bottles, we give waste an economic value. This drives improvements in waste collection systems, meaning less waste and a cleaner environment. In the last 10 years we have spent more than $1 billion towards waste collection systems for used PET bottles. We pledge to continue our long-term focus on circularity.”
The company has also committed a further $1.5 billion to expand its recycling business. Indorama Ventures has expanded its recycling facilities, infrastructure, and public education programs to support increased global recycling rates. The unique PET plastic used in soft drinks and water bottles is fully recyclable and is collected in practice and at scale. As a result, PET is the most recycled plastic in the world, and the company’s recycling achievements support that. Building on its position as the world’s largest producer of recycled resin used in plastic beverage bottles, Indorama Ventures is also seeking advanced technologies to deliver more recycling infrastructure globally and reduce lifecycle carbon emissions.
The company now has 20 recycling sites in Asia, the Americas, and Europe. Recent developments include doubling the capacity of a recycling site in Brazil and the opening of PETValue, the largest bottle-to-bottle recycling facility in the Philippines, in partnership with Coca-Cola. Both are part of a $300 million ‘Blue Loan’ Indorama Ventures received in 2020 from the International Finance Corporation (IFC), part of the World Bank, and the Asian Development Bank. The loan aims to increase recycling capacity and divert plastic waste from landfills and oceans in Thailand, Indonesia, Philippines, India, and Brazil – countries seeking support in managing environmental waste. Indorama Ventures has also partnered with the Yunus Foundation, a leading non-profit organization promoting sustainable development with a global network, with the goal of educating one million consumers globally about recycling by 2030, with 200,000 reached so far.
Mr. Lohia added, “Sustainability is at the core of our company. These achievements reflect our commitment to environmental sustainability and our determination to establish a truly circular economy for PET packaging. Reaching this milestone is a testament to our planet’s growing commitment to sustainability. Each of these bottles represents a reduction in waste, and a step towards a world where no packaging ends up as litter or waste. This milestone achievement shows the positive change that can occur when we work together to support PET recycling and strive for a more circular world.”
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemical producers, with a global manufacturing footprint across Europe, Africa, the Americas, and Asia Pacific. The company’s portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama Ventures products serve major FMCG and automotive sectors, i.e., beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has more than 26,000 employees worldwide and revenue of US$18.7 billion in 2022. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).
Source : Asia Food
