Bangkok, Thailand – 6 October 2020 – Indorama Ventures Public Company Limited (IVL) today announced that it has joined the World Economic Forum’s Global Plastic Action Partnership (GPAP). The global multi-stakeholder partnership aims to reduce plastic leakage into the environment and is driving the transition to a circular economy for plastics. This partnership is aligned with Indorama Ventures 2019 commitment to increase recycled content volumes of PET by at least 750,000 tonnes, pledging US$ 1.5 billion towards achieving this target by 2025.
Mr. Yashovardhan LOHIA, Chief Sustainability Officer, Indorama Ventures said, “We are proud to join the World Economic Forum’s Global Plastic Action Partnership. By joining GPAP we will advance our shared goal of ending PET plastic waste. Harnessing the convening power of the World Economic Forum, GPAP is bringing together governments, businesses, and civil society to forge circular solutions – at both the global and national levels. Our recycling facilities across the world can close the loop and deliver a circular economy for PET plastic.”
“We produce a unique type of recyclable plastic called PET. PET is most commonly used plastic for beverage bottles and is the most collected and recycled plastic packaging in the world. It is important for us to offer added value to our customers with sustainable recycled products.
“In March this year, we recycled our 50 billionth PET bottle since we started in 2011. We want to go further because we know PET is fully recyclable, by 2025 we aim to recycle 50 billion bottles a year. 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.”
“Joining GPAP is a clear statement of Indorama Ventures’ commitment to sustainability and advancing the circular economy,” said Mr. Kristin HUGHES, GPAP Director and Member of the Executive Committee at the World Economic Forum. “Their global presence, fully integrated model and decades of recycling know-how means they are uniquely placed to close the loop for PET plastic.
“We look forward to working with Indorama Ventures and learning from their experience with collection systems around the world. Together we can drive high-potential solutions to improve collection, ensuring plastic never ends up as waste.”Notes to the Editor:
- PET (polyethylene terephthalate) is the most collected and recycled plastic packaging in the world.
- PET is the most commonly used plastic for 100% recyclable soft drinks and water bottles.
- Indorama Ventures has recycling facilities in Mexico, USA, Brazil, France, the Netherlands, Poland, Thailand and from 2021 in the Philippines.
- In 2019, Indorama Ventures announced that it would be aiming for a minimum of 750,000 metric tons of recycled PET (rPET) by 2025 by investing up to US$1.5 billion to achieve this goal.
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About The Global Plastic Action Partnership
The Global Plastic Action Partnership is a multistakeholder collaboration platform at the World Economic Forum that aims to shape a more sustainable and inclusive world through the eradication of plastic pollution. It brings together public, private and civil society leaders to translate commitments to address plastic waste and pollution into concrete action, both globally and nationally. GPAP has created three national partnerships in collaboration with the Governments of Indonesia, Ghana and Viet Nam.