Indorama Ventures rolls the PET wave
Thailand-based fibre manufacturer Indorama Ventures recently announced that it has joined the World Economic Forum’s Global Plastic Action Partnership, a coalition of 32 public and private sector partners working together to eradicate plastic pollution through “driving the transition to a circular economy for plastics”.
As the leading global manufacturer of polyethylene terephthalate (PET) - primarily used as a raw material in the making of bottles, fibres, films, filaments and more - the company views this multi-stakeholder strategic partnership as “aligned with” its own 2019 commitment to “increase recycled content volumes of PET by at least 750,000 tonnes”. The organisation has pledged to achieve this target by 2025, so far investing USD 1.5 billion.
Yashovardhan Lohia, chief sustainability officer at Indorama Ventures, said that the company’s worldwide recycling facilities - according to its website, Indorama Ventures currently has operating sites in 31 countries, on five continents - offers the partnership the ability to “close the loop” and “deliver a circular economy for PET plastic”.
By 2025, the company aims to recycle 50 billion PET bottles a year.
