The recycling center, situated in Juiz de Fora, Minas Gerais, Brazil, is increasing its production capability from 9 thousand loads to 25 thousand loads annually of animal made from post-consumer recycled (PET-PCR) product. The job belongs to Indorama Ventures’ Vision 2030 aspiration to continue building a sustainable international business, consisting of spending $1.5 billion to increase its recycling capability to 50 billion animal bottles annually by 2025.
animal is a unique and extensively utilized plastic for water and soda bottles and the most recycled plastic worldwide. Indorama Ventures, the world’s biggest supplier of recycled animal resin utilized to make drink bottles, invested $20 million to enhance its Brazil center’s procedures and get brand-new equipment such as cleaning makers to help eliminate labels, grind bottles in water and decrease water usage by 70 percent.
In November 2020, the IFC supplied $300 million in Blue Loan financing to Indorama Ventures with the goal of increasing recycling capability and diverting plastic waste from garbage dumps and oceans in Thailand, Indonesia, Philippines, India, and Brazil — nations which are facing mishandled waste and major plastic waste in the environment. Blue Loan funds are licensed and tracked for jobs that support sustainable usage of ocean resources for financial development, enhanced incomes and jobs, and ocean community health. Indorama Ventures has actually protected an overall $2.4 billion in long-lasting sustainable funding from numerous banks in between 2018–2022 to support sustainability jobs.
DK Agarwal, Deputy Group CEO of Indorama Ventures, said: “It is extremely gratifying to leverage the IFC’s generous funding to invest in important projects that build on Indorama Ventures’ industry leadership in sustainability. We are grateful to IFC for this blue loan reinforcing Brazil’s importance as a leader in sustainability, and which also recognize the excellence and potential of our recycling operations.”
Carlos Leiria Pinto, IFC Country Manager in Brazil, said: “This is IFC’s first blue loan focused exclusively on combating marine plastic pollution. Working together with a global leader in this industry demonstrates the mutual commitment towards sustainability.”
Posted: August 8, 2023
Source: IVL
