In order to assist drive its ambitious sustainability programs, Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, has declared its commitment to science-based objectives through the Science Based Targets initiative (SBTi). Additionally, the business will take part in the SBTi Expert Advisory Group for the Chemicals Sector.
In order to assist companies in setting emissions reduction goals based on the most recent climate research, CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature have joined forces to form SBTi. Under its mission of "Reimagining chemistry together to build a better world," which seeks to limit global warming to 1.5°C, IVL has committed to achieving science-based goals.
In order to further its position as the worldwide industry leader in sustainability, Indorama Ventures plans to reduce GHG intensity by 30% and increase renewable power consumption to 25% as part of its Vision 2030 goal. The company is utilizing green projects to help it meet its operational efficiency goals, use more renewable energy (especially renewable electricity, which is produced on-site and purchased through power purchase agreements), implement new decarbonization technologies, such as carbon capture, add bio-feedstock to its petrochemical value chain, and increase its PET recycling capacity.
To meet its targets, IVL recognizes the importance of collaboration between the public and private sectors to decarbonize its operations through a variety of strategies. The established targets help its customers and suppliers to achieve their own sustainability goals, particularly their science-based targets.
Yash Lohia, Chairman of ESG Council at Indorama Ventures, said, “We are pleased to make our sustainability commitment more practical and measurable through science-based targets. We are dedicated to finding new technologies that can transform our operations and products toward net-zero. The efforts are not only for our sustainable business but also to support our customers and suppliers to achieve their own sustainability goals.”
IVL understands the significance of public-private sector cooperation to decarbonize its operations using a range of techniques in order to accomplish its aims. The defined targets assist its clients and suppliers in achieving their own sustainability objectives, especially those that are science-based.
"We are thrilled to make our commitment to sustainability more tangible and measurable through science-based objectives," stated Yash Lohia, Chairman of the ESG Council at Indorama Ventures. We are committed to identifying new technological advancements that will enable us to transition to net-zero operations and goods. The efforts are not just for our environmentally friendly company, but also to assist our clients and suppliers in achieving their own sustainability objectives.
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