Thai-headquartered vertical PET polyester resins and fibres leader Indorama Ventures (IVL) has received an award for the intent behind its latest $300 million loan.

The loan will be used to enhance capacity at IVL’s PET recycling plants in Brazil, India, Indonesia, the Philippines and Thailand. As such, the funding is fully committed to IVL’s stated goal of achieving an annual 750,000 metric tons of PET recycling globally by 2025 and related marine plastic pollution initiatives.

The so-called ‘Blue Loan’ has been recognised in the Triple A Sustainable Capital Markets Regional Awards 2020 organised by The Asset, Asia’s leading financial magazine.

“The Blue Loan represents the latest environmental initiative by corporates such as Indorama Ventures, which will divert plastic waste from landfills and oceans, thus contributing to a better environment,” said the board of editors at The Asset.

“Indorama Ventures is honoured to receive the Best Regional Loan Award for the first-ever Blue Loan to a plastic resin manufacturer,” said Yash Lohia, the company’s chief sustainability officer. “This award reflects IVL’s commitment to building recycling infrastructure to undertake proper waste management and prevent impacts on the marine ecosystem. By recycling post-consumer PET bottles, we give value to waste. This drives improvements in waste collection systems, meaning less waste and cleaner oceans.”

www.indorama.net