Indorama Ventures (IVL), Thai-based vertical PET polyester resins and fibers pioneer, has received an award for the purpose behind its new $300 million loan.

IVL's PET recycling plants in Brazil, India, Indonesia, the Philippines, and Thailand will benefit from the loan to enhance their capacity. As such, the funding is devoted entirely to IVL's reported target of 750,000 metric tonnes of PET recycling per year globally by 2025, as well as related marine plastic pollution initiatives.

The Asset, Asia's leading financial journal, has recognized the so-called "Blue Loan" in the Triple A Sustainable Capital Markets Regional Awards 2020.

The board of editors at The Asset said that the Blue Loan is the most recent environmental project by companies like Indorama Ventures, which aims to divert plastic waste from landfills and oceans, thus improving the environment.

The company’s chief sustainability officer, Yash Lohia said that they felt honored that Indorama Ventures has won the Best Regional Loan Award for the first-ever Blue Loan to a plastic resin producer.

He added that this award acknowledges IVL's dedication to constructing recycling facilities in order to better handle waste and avoid harmful impacts on the marine environment. They offer value to waste by recycling post-consumer PET bottles. As a result, waste disposal schemes are improved, resulting in less waste and cleaner oceans.