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Indorama Ventures Public Co. Ltd. (IVL), a global company listed in Thailand, has recycled 50 billion PET bottles since 2011. This major global recycling milestone saved three million barrels of crude oil and eliminated 1.65 million tons of carbon. The company has committed $1.5 billion to deliver more recycling infrastructure globally.
Yashovardhan Lohia, chief recycling officer at Indorama Ventures says, “Today we recycled our 50 billionth PET bottle, since we started in 2011. As a Thai company, we are very proud to achieve this major global recycling milestone. We want to go further because we know PET is fully recyclable and uses less energy and water to produce than alternative beverage packaging. In five years’ time we aim to recycle 50 billion bottles a year. To achieve this, we have committed up to $1.5 billion to expand our recycling business. Our work will support household brand names who are using more and more recycled PET in their bottles.”
Richard Jones, senior vice president for corporate communications and sustainability, says, “This is an amazing target to have hit and we are pushing further rapidly. On March 9th we were pleased to sign a new joint venture with Coca-Cola that will build an advanced recycling plant in the Philippines. This facility will produce food grade recycled PET for new bottles.
We now are able to supply the major brands with safe and hygienic bottles made from recycled PET in Europe, the Americas and for the first time in Southeast Asia, in the Philippines. The plant is expected to be completed by the end of 2021.”