Operational Eco-efficiency and Environmental Return on Investment
To reduce avoidable environmental impacts, asset maintenance will ensure optimal operation. This, and other investments, will be monitored using Environmental Return on Investment (EROI) calculations. Besides our own businesses, we will also minimize such impacts from non-managed operations and joint ventures by engaging with our partners and stakeholders.
As a part of improving our operational eco-efficiency we are committed to reducing GHG, air emissions, and continue certifying all of our operated sites to the ISO 14001 standard to ensure standardization across all sites with regards to environmental management.
Supply Chain Management
We are now selecting contractors and suppliers based on their environmental, social and governance (ESG) performance. The ESG performance of current suppliers will be reviewed regularly and we expect to collaborate with our customers to reduce any environmental impact from logistics to support a circular economy.
We want to manage our waste in a responsible manner and exceed regulatory requirements where possible. We have strict compliance standards in place to manage waste at sites. This includes proper waste accounting by name, type and code (as required by law), storage location, methods of off-site transportation, treatment and disposal. We record the quantity of waste generated, stored onsite and disposed of onsite and off-site, committing ourselves to waste reduction and disposal by using partners who can reuse, recover or recycle waste, thus reducing hazardous waste and ensuring that its disposal is handled by qualified vendors.
In order to grow sustainably, we use the criteria set out in our environment policy when conducting due diligence prior to mergers and acquisitions as well as when planning Greenfield expansions.
IVL looks for opportunities to replace fossil fuels used in our own processes. We are increasing the use of renewable energy across our business as natural resources are finite and we recognize the need to lower our dependency on carbon-based energy production. Four of our plants, Orion Global Pet in Lithuania, Indorama Ventures Quimica in Spain, Wellman International in Ireland and UTT Technische Textilien in Germany are using 100% renewable electricity. Indorama Holdings in Lopburi, Thailand, installed a 5MW solar power plant to generate renewable energy. Additional renewable electricity projects are being implemented and will be completed in 2019. IVL continues to explore further possibilities to increase the our of renewable energy. We are committed to sourcing more electricity from renewable sources at our sites.
In 2019, the amount of renewable electricity purchased was approximately 5% higher than in 2018. We also consumed biogas and biomass as alternative renewable fuels in our processes and as such, overall renewable energy consumption increased by 6.9% from the previous year.
Our use of 2.58 million GJ of renewable energy resulted in saving over 184,460 tCO2e