Indorama launches SDG-linked report
Indorama Ventures (IVL) has become the first company in Thailand to publish a report lined to the UN’s Sustainable Development Goals (SDGs). This came shortly after the firm launched a THB 10 billion (€260 million) sustainability-linked bond (SLB).
The new report presents IVL’s progress in achieving the SDGs, with five focus areas of Recycling & the Circular Economy; Climate Change & Energy; Environmental Stewardship; Health, Safety & Well-being, and Corporate Social Responsibility (CSR) & Collaborations. These, the company said, help it to align with 13 of the 17 SDGs, totalling 39 targets.
“Adopting and integrating the UN Sustainable Development Goals into our strategy will ensure we operate responsibly with a sustainability mindset,” commented Yash Lohia, chief sustainability officer. “IVL will make long-term contributions to the SDGs while also seeking breakthroughs in innovations.” I
VL’s sustainability targets are headed by reducing greenhouse gas emissions intensity by 10% from 2020 to 2025, increasing recycling of PET bale input to 750,000 tonnes/year by 2025 and achieving 25% renewable electricity consumption in 2030. The new SLB, which is the largest issued to date in Thailand and the first offered to both institutions and high-net-worth investors, is integral to this.
The triple-tranche structure includes five-, seven-, and 10.5-year tenors, offering coupons of 2.48%, 3.00% and 3.60% per year respectively. The bond has been an AA- rating and a ‘stable’ outlook by TRIS Rating following a strong recovery in petrochemicals and derivatives and IVL’s growing profitability.
IVL has also announced some personnel rotations at the top of its corporate structure. Christopher Kenneally and Alastair Port have been named COOs of the Fibres and Integrated Oxides & Derivatives segments respectively. In addition, Sanjay Ahuja, the current CFO of IVL, will switch to interim COO of Combined PET for two years from January 2022, with CEO D.K. Agarwal also taking on the CFO role.