Indorama Ventures Advances Sustainability Strategy by Placing Thailand's First Green Deposit with HSBC

Wednesday 12 May 2021 17:03
Indorama Ventures Public Company Limited (IVL), a global chemical company, continued its commitment to sustainability by being the first Thailand-based company to invest in HSBC's recently introduced Green Deposit to support Environmental, Social and Governance (ESG) projects that benefit the environment.
Indorama Ventures Advances Sustainability Strategy by Placing Thailand's First Green Deposit with HSBC

HSBC Thailand will use the proceeds from the green deposit to finance eligible businesses and projects that promote a low-carbon, climate resilient and sustainable economy. Examples of eligible businesses and projects include renewable energy, efficient buildings, sustainable land use, as well as other corporate initiatives designed to address climate change.

Mr. Sanjay Ahuja, Chief Financial Officer at Indorama Ventures, said, "This marks an important milestone in Indorama Ventures' sustainability agenda as we look to play a larger role in supporting the global community's effort towards achieving net-zero carbon."

Mr. Krisda Phatcharoen, Head of Wholesale Banking at HSBC Thailand, said, "We are thrilled to support Indorama Ventures' drive towards sustainable growth and we look forward to continued partnership with the company in turning our green ambitions into real action."

IVL's commitment towards sustainability is globally recognized. The company is included in the Dow Jones Sustainability Indices (DJSI) for the fourth consecutive year in 2020 with an improved ESG score. IVL also secured Thailand's first sustainability-linked loan and the first-ever Blue Loan to support the company's recycling capacity expansion, investment in renewable energy and resource efficiency projects.

IVL has set ambitious sustainability and carbon neutrality targets, including increasing PET recycling capacity to 750,000 tons per year by 2025, reducing energy intensity by 5% by 2025, reducing greenhouse gas emissions by 10% by 2025, and increasing renewable electricity consumption to 25% by 2030. The company is investing US$1.5 billion in projects with sustainability purpose to achieve these goals.

Source: Indorama Ventures