Better processes, better world.
Chemical company goes above and beyond to ensure sustainability.
Indorama Ventures Public Company Limited (IVL) was converted on 25 September 2009 in Bangkok, Thailand. IVL is a world-class sustainable chemical company with a global integrated lead in PET and fibers, serving major customers in diversified end-use markets, having a presence in 35 countries, with 146 manufacturing facilities, 26,000 professional employees and a consolidated revenue of 14.6 billion USD (FY 2021).
Their business segments comprise of Integrated Oxides and Derivatives, Combined PET and Fibers. They offer a wide range of petrochemicals products that include feedstock, PET, packaging, fibers and recycled products.
Following their core strategies, IVL develops innovative products for customer needs, making great products for society. They are a prominent industry player with more than 70% of their revenue from product lines in leading market positions across the value chain.
With their Vision and Purpose Statement being “Reimagining chemistry together to create a better world”, they keep embracing the challenges that a changing business landscape brings about. Hence, they stay relevant in the market by serving social needs and new customer demands, while being a more responsible company.
IVL’s vision is to be a world-class sustainable chemical company making great products for society. They live that through their mission of being a responsible industry leader leveraging on the excellence of their people, processes and technologies to create value for their stakeholders.
IVL has holistically strategized on continuous improvement of their environmental, social and governance (ESG) performance. Their Sustainability Strategy demonstrates their commitment to the three most important areas for the Company – Planet, People and Prosperity, and strengthens their vision to be a world-class sustainable chemical company making great products for society.
Embracing their stakeholders’ interests, global challenges and social needs in driving towards a sustainable and resilient economy, IVL encourages collaborative efforts in contributing to the achievement of the Sustainable Development Goals (SDGs).
To harness their business potential and ensure effective governance, IVL works with integrity and has adopted ethical principles aimed at bringing innovative products to meet the demands of their stakeholders, while ensuring sustainable growth and leadership.
IVL’s sustainability framework was developed in line with the Company’s Vision, Business Strategy and Sustainability Strategy to systematically drive and contribute to three key aspirations: Net Zero Carbon, Improving Lives and being a Trusted Partner. Strategic priorities and metrics were identified to ensure effective sustainability governance and responsible operations. Each business segment also developed its segment level sustainability framework in line with IVL’s framework.
The Company has set their sustainability ambition towards net zero carbon and has established their short and medium-term targets to be achieved by 2025 and 2030 respectively. This ambition and targets were set in accordance with their Business Strategy and Sustainability Strategy, as well as the global agenda on Net Zero and End Plastic Waste.
To further reinforce their aspiration to achieve Net Zero Carbon by 2050 – 2070, IVL developed a more focused Decarbonization Strategy, which builds on their existing Climate Change Strategy. Additionally, in order to demonstrate their steadfast dedication to the Net Zero Carbon goal, IVL set increasingly challenging goals in accordance with their decarbonization strategies.
Their Vitality Index (VI) target focuses on the advancing of product innovation in producing low carbon-intensive and environmentally friendly new products. For leadership development, targets on leadership positions involved in succession planning were set at 1,000 leadership positions by 2023, with 3,500 leaders involved in the leadership development curriculum by 2024.
In the community, IVL’s wellbeing initiatives are focused on the health, well-being and basic needs of local communities, including people from vulnerable groups, people with disabilities, as well as children’s mental and physical health. Their well-being initiatives has had 31,900 beneficiaries since 2020.
“IVL is a prominent industry player with more than 70% of their revenue from product lines in leading market positions across the value chain. IVL works with integrity and has adopted ethical principles aimed at bringing innovative products to meet the demands of their stakeholders, while ensuring sustainable growth and leadership.
Shanggari Balakrishnan, Chief Executive Officer, MORS Group