89 SUSTAINABILITY REPORT 2021 THE VALUE OF CIRCULAR FEEDSTOCKS Sustainable development refers to development that has environmental, social, and economic benefits. Both bio-based and recycled feedstocks are abundant and sustainable. IVL’s focus lies on second and third-generation bio-feedstocks as they are not crops or plants that can be consumed by humans and animals, unlike first-generation bio-feedstocks. Additionally, the utilization of circular feedstocks is a key component to achieving the Sustainable Development Goals (SDGs). The SDGs are a universal call to action among governments, businesses and civil society to end poverty, protect the planet, and ensure that all people prosper by 2030. SDG 7 speaks directly of increasing the use of renewable energy, under Target 7.2, whereas, SDGs 8, 9, 11, 12, 13, and 15 are all impacted by the use of renewable feedstocks. Furthermore, consumer awareness and interest in environmentally sustainable and ecologically-sound products is increasing. Bio-based and recycled-feedstocks can address this need while moving us closer to a circular economy. OUR SHARED AND COLLECTIVE RESPONSIBILITY Strong public and private partnerships is needed to accelerate the industry’s urgent need to act. We echo other industry leaders in noting that government policiesmust play a key role in curbing and reversing climate change, and our impacts. But companiesmust do their part, and IVL is leading by example.We are reimagining and improving our products to be more environmentally friendly while providing better value and performance. Our recently unveiled Vision 2030 includes a target of using 16% bio-based feedstocks against IVL’s entire feedstock and 10% rPET feedstock against IVL’s entire feedstock (23% against PET feedstock) by 2030. We are aggressively taking charge of our responsibilities for the environment, having also committed more than US$ 4.6 billion to increase circular feedstocks to 2.4 million tons by 2030. This is a concrete goal towards our purpose of “Reimagining Chemistry Together to Create a Better World.” We also encourage our industry peers and other organizations to look at their business models and value chains, and find opportunities to incorporate the essential tools to fight climate change and move towards a circular economy. As there is no single right or wrong way to do so, sustained small changes can make an outsized difference to the environment. Therefore, every effort must be made to benefit our environment. Responsible Business and Effective Governance Towards Net Zero Carbon Empowering Our People and Communities Global Performance Data GRI Standard Content Index Driving Sustainable Value Creation and Growth
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