Indorama Ventures wins ‘Top Sustainability Advocate in Asia’ by the Asia Corporate Excellence and Sustainability Awards
Bangkok, Thailand – 21 November 2022 - Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, has been named as the winner of the “Top Sustainability Advocate in Asia” by Asia Corporate Excellence and Sustainability Awards (ACES) 2022. The prestigious award reinforces IVL's ongoing commitment and progress in sustainability under its purpose of ‘Reimagining chemistry together to create a better world’.
Mr. Yash Lohia, Chairman of ESG Council at Indorama Ventures, said, “We are honored to be recognized as the top sustainability advocate in Asia. IVL's sustainability strategy demonstrates our commitment to the three focus areas of: protecting the environment through responsible operations; empowering our people and transferring value to our stakeholders; and ethically and innovatively driving economic prosperity. IVL believes it can make a positive impact on these areas while growing its business and bringing about constructive change by fully integrated sustainability into our operations. Winning this award will inspire us to continue embedding sustainability into our business to achieve our vision of becoming a world-class sustainable chemical company making great products for society.”
The recognition of IVL as a leading advocate of sustainability in Asia underscores the company’s performance in developing sustainable operations along its integrated petrochemicals value chain, including innovative product design; efficiency, high-performance and environmentally friendly operations; efficient transportation; promoting responsible consumption; proactive waste collection; and enhancing widespread recycling. The company’s strategy is accelerated by its 2025 and 2030 sustainability goals, including ambitions relating to Net Zero and ending plastic waste. IVL this year announced science-based targets by the Science Based Targets initiative (SBTi) to help drive its sustainability climate programs.
IVL aims to increase the annual PET bottle recycling rate to 50 billion bottles, or 750,000 tons, by 2025; and 100 billion bottles, or 1.5 million tons, by 2030 to towards a circular economy. By 2030, IVL will raise recycling awareness among more than 1 million people worldwide, and at least 100,000 people in the communities will benefit directly or indirectly from IVL's projects to enhance their well-being program.
Ms. Shanggari Balakrishnan, Chief Executive Officer at MORS Group, Facilitator of the Panel of Jury, ACES Awards, said, "IVL is a prominent industry player with more than 70% of its revenue from product lines in leading market positions across the value chain. IVL works with integrity and has adopted ethical principles aimed at bringing innovative products to meet the demands of their stakeholders while ensuring sustainable growth and leadership."
The Asia Corporate Excellence & Sustainability Awards (ACES) is a prestigious accolade that recognizes inspiring leaders and sustainability advocates across industry and across Asia to bring Asia's business aspirations and success stories to the world stage through knowledge sharing and recognition. The 'Top Sustainability Advocates in Asia' category is presented to companies that demonstrate exemplary integration of sustainability into their policies and operations, with a high level of employee and top management involvement in sustainability initiatives. Responsible business practices are upheld across the company's core business activities, including product and service design and delivery, management of social and environmental impacts, and high-impact community engagement. The event was organized by MORS Group.