For Thai chemical giant Indorama Ventures Public Company Limited (IVL), sustainability has long been a core tenet of its strategic thinking. In January of this year, Indorama introduced its Vision 2030, at that time described as ‘a big leap’ in the company’s journey towards net zero, centred around the three pillars of decarbonisation of operations, innovative and sustainable products, and a future-ready organisation.
In concrete terms, IVL will invest in infrastructure to deliver the circular economy and reduce Scope 3 greenhouse gas emissions, build PET recycling capacity and increase the use of bio-based feedstock across the value chain. Aiming to reduce GHG intensity by 30% Indorama will also explore new technologies to help capture carbon from its operations, and will increase the use of renewable electricity consumption to 25%, both through onsite generation and offsite procurement. Coal will be phased out coal to lower Scope 1 and Scope 2 greenhouse gas emissions.
To underpin these goals, Indorama has now joined the Science Based Targets initiative (SBTi). Committing to science-based targets, said the company, will help drive its ambitious sustainability programs - and ‘make our sustainability commitment more practical and measurable’. IVL will also participate in the SBTi Expert Advisory Group for the chemicals industry.
SBTi is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature to help businesses set emissions reduction targets based on the most recent climate science. IVL has committed to science-based targets under its purpose of 'Reimagining chemistry together to create a better world' which aims to reduce global warming in line with the 1.5°C Paris Climate Agreement.
“We are dedicated to finding new technologies that can transform our operations and products towards net-zero. The efforts are not only for our sustainable business but also to support our customers and suppliers to achieve their own sustainability goals,” said Yash Lohia, Chairman of ESG Council at Indorama Ventures.