The facility aims to bolster Indorama Ventures‘ ongoing efforts to achieve its ambitious sustainability targets, underscoring the company’s commitment to incorporating sustainable financing practices in Thailand.

DK Agarwal, deputy group CEO and group CFO at Indorama Ventures expressed his enthusiasm for partnering with SMBC and emphasised the significance of such an initiative, which bolsters Indorama Ventures’ steadfast dedication to integrating sustainability into all facets of its daily operations while striving to achieve its ESG (Environmental, Social, and Governance) targets.

The newly inaugurated facility provides short-term working capital finance, directly tied to Indorama Ventures’ sustainability performance targets. These targets include a 10% reduction in greenhouse gas (GHG) emissions intensity by 2025, measured against a 2020 baseline. Additionally, the facility is linked to the company’s goals of increasing post-consumer PET bale input for recycling to 750,000 tons by 2025 and enhancing renewable electricity consumption to 25% by 2030.

Indorama Ventures has successfully secured $2.4bn in long-term sustainable financing from national and international financial institutions between 2018 and 2022. These funds are instrumental in supporting the company’s expansion and sustainability projects, perfectly aligned with its Vision 2030 strategy, which positions Indorama Ventures as a purposeful company with ESG at its core.

Rajeev Kannan, co-head Asia Pacific division at SMBC, underscored financial institutions’ crucial role in driving the global transition towards a net-zero future. He praised Indorama Ventures’ commitment to sustainability and highlighted SMBC’s commitment to supporting the company’s sustainability journey by offering practical solutions through its comprehensive range of sustainable finance products, ESG advisory services, and expert teams, empowering customers to make a positive environmental impact.

Takashi Toyoda, country head of SMBC Thailand commented: “In line with SMBC Group’s commitment to achieving a sustainable finance portfolio of ¥50tn by 2030, we ensure our on-shelf trade finance products match various requirements from conventional to the holistic supply chain as every move counts towards achieving our ESG milestones to pave the way to a green transition.”

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Indorama Ventures partnered with UPM to polymerise and spin a polyester yarn containing UPM’s BioPura BioMEG creating the world’s first fleece jacket made from wood-based polyester.