Indorama Ventures Public Company Limited (IVL), a global chemical producer, has announced its commitment as part of the New Plastics Economy to help create a world where plastic never becomes waste.
The company is now accelerating its efforts in support of a very ambitious goal to increase recycled content volumes by at least 750,000 tonnes, while also recently pledging US$ 1.5 billion (approximately GBP £1.2 billion) towards achieving this target by 2025.
The New Plastics Economy Global Commitment calls on companies and governments to innovate solutions enabling plastic to be 100 per cent reusable, recyclable, or compostable.
IVL wishes to invest globally in the circular economy and in new technologies that can steer further its aspiration of being a world-class chemical company making great products for society. The Company announced a joint venture with Loop Industries aimed at commercialising their chemical recycling technology for sustainable PET packaging resin and Polyester fibres.
In June 2018, the company has also unveiled its partnership with Ioniqa Technologies, together with Unilever Europe, to unlock the potential of PET recycling with ground-breaking technology to pioneer a new approach to processing PET waste as renewed feedstock for virgin PET.
In March 2019, IVL commenced commercial production and marketing of 100 per cent rPET pellets made from post-consumer recycled PET bottles in Europe.
Also in 2019, IVL will begin manufacturing rPET resin utilising chemically recycled PCR PET feedstock, displacing fossil materials. Full-scale production of 10,000 tonnes per annum of feedstock from recycled PET is expected Q4 2019.