Indorama Ventures has joined the World Economic Forum’s Global Plastic Action Partnership, the global multi-stakeholder partnership that has thrown its weight behind the twin goals of reducing plastic leakage into the environment and driving the transition toward a circular economy for plastics.
For Indorama, too, ending PET plastic waste, is a priority. The company said that joining GPAP will enable it to further advance this "shared goal."
It is already directing major efforts toward ensuring a consistent supply of sustainably recycled products to its customers with sustainable. The company has recycling facilities around the world and in March this year, recycled its 50 billionth PET bottle since commencing these activities in 2011.
In 2019, Indorama Ventures committed to increasing recycled content volumes of PET by at least 750,000 tonnes, pledging $1.5 billion towards achieving this target by 2025.
“We want to go further because we know PET is fully recyclable, by 2025 we aim to recycle 50 billion bottles a year,” said Yashovardhan Lohia, Chief Sustainability Officer at Indorama Ventures.
“To achieve this, we have committed up to USD 1.5 billion to expand the recycling infrastructure the world needs. The GPAP community is championing this shift to a circular economy and helping the world to understand the benefits of a closed-loop approach.”
PET is the most commonly used plastic for 100 percent recyclable soft drinks and water bottles.
Indorama Ventures has recycling facilities in Mexico, U.S., Brazil, France, the Netherlands, Poland, Thailand and from 2021 in the Philippines.