Indorama Ventures (IVL), a leading 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 towards achieving this target by 2025.

The company is among 400 organisations that committed to eliminate problematic plastic packaging and increase the use of recycled plastic in packaging. The New Plastics Economy Global Commitment calls on companies and governments to innovate solutions enabling plastic to be 100% reusable, recyclable, or compostable.

Progress report

The Ellen MacArthur Foundation and the UN Environment Programme have released the first New Plastics Economy Global Commitment progress report. The new report details the transparency provided by almost 200 businesses and governments on how they are creating a circular economy for plastics.

According to the report, common single-use plastic items such as straws, carrier bags and black carbon plastics are being eliminated by 70% of relevant business signatories and 80% are eliminating PVC from packaging. Analysis carried out for the report found that 60% of business’ plastic packaging is now reusable, recyclable or compostable today.

Efforts

IVL says it 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 its 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 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% 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 in the final quarter of 2019. Indorama Ventures Sustainable Solutions (IVSS), in the USA, can produce 30,000 tons of rPET Flakes and 10,000 tons of rPET chips, adding significantly to IVL's global recycling portfolio.

www.indoramaventures.com