Indorama Ventures, a major global producer of recycled PET resin, has successfully expanded its recycling facility in Juiz de Fora, Brazil, with support from the International Finance Corporation (IFC), a member of the World Bank, through a 'Blue Loan'. This enhancement raises the facility's PET production capacity from 9,000 to 25,000 tons annually, using post-consumer recycled material. This step aligns with Indorama Ventures' Vision 2030 initiative, aiming to create a more sustainable global presence and invest $1.5 billion to upscale recycling capacity to 50 billion PET bottles each year by 2025.
PET is a widely used plastic found in water and soda bottles, with Indorama Ventures being a leading recycled PET resin provider for beverage bottles. A $20 million investment has been directed towards optimizing the Brazil facility's processes and acquiring innovative equipment, including label-removing washing machines. These advancements significantly reduce water consumption by 70 percent.
Notably, the IFC granted a $300 million Blue Loan in November 2020 to Indorama Ventures, targeting increased recycling capacity and reduction of plastic waste in countries like Thailand, Indonesia, Philippines, India, and Brazil, all facing plastic waste challenges. Blue Loan funds are dedicated to ocean-friendly projects promoting economic growth, livelihoods, and ocean ecosystem health. Between 2018 and 2022, Indorama Ventures has secured $2.4 billion in sustainable financing for its environmental projects.
DK Agarwal, Deputy Group CEO of Indorama Ventures, expressed appreciation for IFC's support, reinforcing Brazil's sustainability leadership and acknowledging the potential of their recycling efforts. Carlos Leiria Pinto, IFC Country Manager in Brazil, praised the partnership's commitment to combating marine plastic pollution through this innovative blue loan.
