Sustainability Strategy
Sustainability has been an integral element of success for Indorama Ventures. We recognize that we have to demonstrate our willingness to develop and deliver on a sustainable strategy as moving towards a sustainable economy creates many opportunities. Our sustainability strategy fully supports the vision of becoming a world-class sustainable chemical company making great products for society and is in line with business strategy and direction.
Our sustainability demonstrates our commitment to the three most important areas for the company, Planet, People and Prosperity, which achieve our vision to be a world-class sustainable chemical company making great products for society. We embrace our stakeholders’ interests and social needs in driving towards a sustainable and resilient economy and encourage collaborative efforts in contributing to the achievement of the Sustainable Development Goals (SDGs).
Indorama Ventures’ success as a whole has relied on our ability to embed sustainability into the fabric of our business. As we progress on our sustainability journey, the environment, society, and the resilience of our business will continue to be the core of our strategy. Through key initiatives and actions. This will enable us to advance our commitments towards achieving better operational eco-efficiency, increasing the use of renewable electricity, adopting decarbonization technologies, and enhancing PET recycling capabilities.
People - Empowerment Culture
Our respect for human rights, engagement, investments in capacity building, and creating shared value for our stakeholders demonstrates our commitment to achieving long-term success.
Planet - Reponsible Operation
Our operations and products are focused on being environmentally-friendly, contributing to the circular economy, and reducing resource consumption and emissions to fight climate change.
Prosperity - Business Potential
Our business is based on our integrity and ethical principles, driving customer experiences through our innovative products and moving forward in meeting societal needs for sustainable growth and leadership
Our goal is to ensure economic prosperity and sustainability to all our stakeholders. We measure our success not just by economic gains but by our achievements in preserving the environment, thereby benefiting the society. Indorama Ventures continues to undertake initiatives that are in-line with our commitments and sustainability ambitions to increase our focus on the long-term sustainability value creation of the Company through recycling, lowering our carbon footprint, increasing use of renewable energy, and developing human capital, to further strengthen our position in market while continuing to demonstrate how we are putting our sustainability strategy into practices.
Indorama Ventures ESG Strategy
Vision
Purpose
Aspirations
Values
Strategic Priorities
10% energy sourced from renewables by 2025 and 25% by 2030
Post-consumer Bottles recycled per year: 50 billion by 2025, 100 billion by 2030
Enablers
* Base year 2020
Value Creation Model
This report marks the fourth year that we have utilized the International Integrated Reporting Council’s (IIRC) value creation model, which has provided us with a comprehensive framework to outline our sustainability performance and impact. By adopting this model, we have been able to better understand our impacts and dependencies on various forms of capital, and the ways to manage them sustainably. Additionally, the model has enabled us to make more informed decisions, increase transparency and accountability, and ultimately create value for all stakeholders.
Major Sustainability Initiatives in 2023
