Indorama Ventures Public Company Limited, one of the world’s largest producers of recycled Polyethylene Terephthalate (PET) resin, announced the successful expansion of its recycling facility in Brazil, supported by a ‘Blue Loan’ from the International Finance Corporation (IFC), a member of the World Bank.
Increasing its production capacity from 9 thousand tons to 25 thousand tons per year of PET made from post-consumer recycled (PET-PCR) material, the recycling facility in Juiz de Fora, Minas Gerais, Brazil is aligned with Indorama Ventures’ Vision 2030. This ambitious vision includes investing $1.5 billion to increase recycling capacity to 50 billion PET bottles annually by 2025, as part of their commitment to becoming a sustainable global company.
As the most widely used plastic for water and soda bottles, PET is also the most recycled plastic in the world. Indorama Ventures, the world’s leading provider of recycled PET resin for beverage bottles, has invested $20 million to optimize its Brazil facility’s operations and obtain new equipment, such as washing machines, to improve the recycling process. These efforts have resulted in a 70% reduction in water consumption, contributing to a more sustainable production process.
In November 2020, the IFC provided $300 million in Blue Loan funding to Indorama Ventures. The funding focuses on increasing recycling capacity and addressing the issue of plastic waste in Thailand, Indonesia, Philippines, India, and Brazil. These countries struggle with mismanaged waste and significant plastic pollution in the environment. Blue Loan funds are certified and tracked to ensure projects align with sustainable use of ocean resources, economic growth, improved livelihoods, job creation, and ocean ecosystem health. Indorama Ventures has secured a total of $2.4 billion in long-term sustainable financing from various financial institutions between 2018 and 2022 to support their sustainability projects.
Mr. DK Agarwal, Deputy Group CEO of Indorama Ventures, expressed his gratitude towards the IFC for their generous funding, which has enabled the company to invest in significant sustainability projects. He emphasized the importance of Brazil as a leader in sustainability and recognized the excellence and potential of their recycling operations.
Carlos Leiria Pinto, IFC Country Manager in Brazil, highlighted that this blue loan showcases IFC’s commitment to combat marine plastic pollution. By collaborating with a global leader in this industry, their shared dedication to promoting sustainability is evident.
For more information, please visit www.indoramaventures.com
