Synthetic fibres large Indorama Ventures (IVL) has introduced that it has recycled 100 billion post-consumer PET bottles since February 2011, which has diverted 2.1 million tons of waste from the surroundings and saved 2.9 million tons of carbon footprint from the product lifecycles.
Demonstrating its dedication to assist the institution of a round economic system for PET, within the final ten years IVL has spent greater than US$1 billion in the direction of waste assortment of used PET bottles.
Mr. Aloke Lohia, Founder and Group CEO of Indorama Ventures commented: “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 firm has additionally dedicated an extra $1.5 billion to increase its recycling business. To assist elevated recycling charges globally, Indorama Ventures has expanded its recycling amenities, infrastructure, and public education schemes. The distinctive PET plastic utilized in delicate drinks and water bottles is absolutely recyclable and is collected in apply and at scale. As a consequence, PET is essentially the most recycled plastic on this planet, and the corporate’s recycling achievements assist that. Building on its place because the world’s largest producer of recycled resin utilized in plastic beverage bottles, Indorama Ventures can be searching for superior applied sciences to ship extra recycling infrastructure globally and scale back lifecycle carbon emissions.
The firm now has 20 recycling websites in Asia, the Americas, and Europe. Recent developments embrace doubling the capability of a recycling web site in Brazil; and the opening of PETValue, the biggest bottle-to-bottle recycling facility within the Philippines, in partnership with Coca-Cola.
Both a part of a $300 million ‘Blue Loan’ Indorama Ventures obtained in 2020 from the International Finance Corporation (IFC), a part of the World Bank, and Asian Development Bank. The mortgage has the target of accelerating recycling capability and diverting plastic waste from landfills and oceans in Thailand, Indonesia, Philippines, India, and Brazil – nations searching for assist in managing environmental waste.
Indorama Ventures has additionally partnered with the Yunus Foundation, a number one non-profit organisation selling sustainable improvement with a worldwide community, with the objective of training a million customers globally about recycling by 2030 with 200,000 reached up to now.
“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,” Mr. Lohia added.
