A leading figure in global sustainable chemistry, Indorama Ventures Public Company Limited, declared their monumental achievement of recycling 100 billion post-consumer PET bottles since the dawn of February 2011 as of September 25th. This paramount undertaking has resulted in a stunning diversion of 2.1 million tons of waste from burdening our environment and shrunk the carbon footprint of product lifecycles by an impressive 2.9 million tons. Indorama Ventures has stayed true to its pledges, firmly devoted to contributing to the setup of a robust circular economy specifically designed for PET. In their bid to champion this cause, they have poured more than $1 billion into the collection of spent PET bottles over the last decade.
Aloke Lohia, Indorama Ventures’ esteemed Founder and Group CEO, shared his thoughts. He stated, “As we celebrate the landmark recycling achievement of 100 billion PET bottles, our gratitude goes to consumers who have made recycling a part of their lifestyles, and global brand proprietors who champion the use of recyclable and recycled packaging, continuously driving up collection rates. The extent of the waste quandary necessitates quicker and more substantial response from us all. In March 2020, we celebrated the milestone of 50 billion PET bottles recycled in less than a decade. Astonishingly, we’ve doubled that figure in a mere three and a half years.”
He continued, “Recycling post-consumer PET bottles into fresh bottles injects an economic value into waste. The resulting enhanced collection systems stimulate greater environmental cleanliness and mark a significant reduction in waste. Over the past decade, we have dedicated over $1 billion towards shaping efficient waste collection systems for discarded PET bottles. We are unwavering in our long-term dedication to achieving circularity.”
In addition, Indorama Ventures has pledged a significant additional $1.5 billion towards expanding their recycling enterprise. In an effort to back high global recycling rates, they have broadened their recycling facilities, infrastructure, and launched public awareness programs. The distinct PET plastic used in soft drinks and water bottles is completely recyclable, collected on a large scale thus making it the most recycled plastic globally. Indorama Ventures recycling efforts further underpin this claim. Consolidating their position as the world’s leading producer of recycled resin for plastic beverage bottles, they are actively exploring advanced technologies to develop further recycling infrastructures globally and decrease lifecycle carbon emissions.
As it stands, the company manages 20 recycling plants spread across Asia, the Americas, and Europe. Noteworthy developments involve multiplying the capacity of a recycling site in Brazil and inaugurating PETValue, the largest bottle-to-bottle recycling complex in the Philippines, achieved in collaboration with Coca-Cola. These expansions stem from a ‘Blue Loan’ worth $300 million that Indorama Ventures acquired in 2020. The loan was granted by the International Finance Corporation (IFC), part of the World Bank, and Asian Development Bank with an aim of increasing recycling capacity and diverting plastic waste from landfills and oceans in various countries including Thailand, Indonesia, Philippines, India, and Brazil — nations in need of assistance to tackle environmental waste. Furthermore, Indorama Ventures has formed a partnership with the Yunus Foundation, a non-profit organization committed to promoting global sustainable development, with the ambitious goal of enlightening one million consumers about recycling by 2030, already having reached a milestone of 200,000.
In Lohia’s words, “Sustainability is embedded in the DNA of our company. These achievements mirror our unwavering commitment to environmental sustainability and our tenacious striving to instate a truly circular economy revolving around PET packaging. This milestone is a nod to the world’s escalating commitment to sustainable practices. Every recycled bottle symbolizes a step towards a cleaner world where no packaging is wasted or discarded as litter. This landmark accomplishment showcases the powerful transformation that can ensue when we collectively promote PET recycling in pursuit of a circular world.”