Sustainability -

Possible through
Action
SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023
KEY SUSTAINABILITY RECOGNITIONS
AND AWARDS IN 2023
FOR MORE
INFORMATION

Indorama Ventures Public Company Limited

Chemicals

Sustainability
Yearbook Member
S&P Global Corporate Sustainability
Assessment (CSA) Score 2023
S&P Global CSA Score 2023: 73/100
Score date: February 7, 2024
The S&P Global Corporate Sustainability Assessment (CSA) Score is the S&P
Global ESG Score without the inclusion of any modelling approaches.
Position and scores are industry specific and reflect exclusion screening criteria.
Learn more at https://www.spglobal.com/esg/csa/yearbook/methodology/

Achieved an AA rating
for the first time in 2024
(improved form A Ratings in 2023) Listed in DJSI World and Emerging Markets for the 5th and 7th Achieved 99th percentile
consecutive year respectively in the Chemicals sector among basic chemical companies assessed
Indorama Ventures was ranked in the 92nd percentile

Achieved an ESG rating in the 12th percentile

#1 constituent in the FTSE4Good in the Chemical Industry Sector (lower percentile indicates better performance) Achieved a B rating
Index Series (ESG score 4.5 out of 5) among 563 companies in the CDP’s Climate Change

Achieved a B-ranking, Rank = 2 Achieved a total score of 80 with an AA grade, surpassing the “Industrials” Sustainability
in the 2023 ChemScore assessment, group’s average score of 67 for companies with a market cap beyond THB 100B Disclosure Award 2023
among 50 global chemical companies for the fifth consecutive year

2 INDORAMA VENTURES PCL

TABLE OF CONTENTS

Executives’ 4 Deputy Group CEO and About 6 At a Glance

Group Chief Financial Officer Message 7 Performance in Our Sustainability Ambitions
Messages 5 Chairman of the ESG Council Message
Indorama Ventures 8 Indorama Ventures’ Key ESG Highlights 2023
5 Chief Sustainability Officer Message 10 Business Segments’ Key ESG Highlights 2023
13 Sustainability Value Protection and Value Creation

ENVIRONMENTAL SOCIAL ROBUST

PERFORMANCE IMPACT GOVERNANCE
15 Decarbonization 22 Giving Back to Communities 28 Corporate Governance and Business Ethics
16 GHG Management 23 Circular Economy Education 29 Innovation and Product Stewardship
17 Energy Management 24 Investing in Our People 30 Performance Excellence Award
18 Waste Management 25 Health and Safety
19 Water Management 26 Supply Chain Management
20 Circular Economy - Recycling

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 3
DEPUTY GROUP CEO AND
GROUP CHIEF FINANCIAL OFFICER MESSAGE FOR MORE
INFORMATION

“Business strategic imperative requires

ESG action and commitment to turn our vision
and purpose into values and impacts
that can make a difference.”

DILIP KUMAR AGARWAL

• Deputy Group CEO and Group Chief Financial Officer
• Member of the Sustainability and Risk Management Committee

4 INDORAMA VENTURES PCL

CHAIRMAN OF THE CHIEF SUSTAINABILITY
ESG COUNCIL MESSAGE FOR MORE
OFFICER MESSAGE FOR MORE
INFORMATION INFORMATION

“Amplifying our sustainability “Value creation is a key driver for

commitment and actions to seize Indorama Ventures’ sustainability leadership.
the opportunities for greater success It was an important part of our impact
and resilience.” in 2023 as we recycled over 300,000 tons
of post-consumer waste.”

YASH LOHIA
• Chairman of the ESG Council ANTHONY M. WATANABE, PH.D.
• Member of the Sustainability and Chief Sustainability Officer
Risk Management Committee
SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 5
ABOUT
INDORAMA VENTURES
FOR MORE
INFORMATION

AT A GLANCE

Revenue Core EBITDA EBITDA Margin ROCE 29,056* 24.26%

Total Female
$ 15.6 B $ 1.3 B 8% 4% Employees

148** 6 35
Sites Continents Countries

Americas EMEA Asia

20 27
Recycling R&D
facilities centers

51 41 56
* This number combines permanent and temporary employees.
** The Sustainability Report 2023 consists of data from 149 sites.
Further details are provided in the full Sustainability Report 2023
Sites Sites Sites (under “About this Report”).

5 20 10 Our platform
Countries Countries Countries

50% 22% 29% 1 Integrated and diverse portfolio

Revenue Revenue Revenue

2 Inter-connected businesses through
raw materials, R&D and customers
Note: Asia includes Egypt and EMEA includes Portugal in 2023
3 Leading position in attractive and
growing end markets

6 INDORAMA VENTURES PCL

 PERFORMANCE IN OUR SUSTAINABILITY
AMBITIONS
FOR MORE
INFORMATION

GHG*
Reduction in combined GHG 2023 Progress
(Scope 1&2**) intensity
10% by 2025 3.57% reduction
30% by 2030
CIRCULAR ECONOMY
2023 Progress EDUCATION ** Scope 2 intensity (market-based)
682,204 people reached Educate 1,000,000 people
(2018-2023) globally about recycling ENERGY*
by 2030 Reduction in energy intensity 2023 Progress
5% by 2025
15% by 2030
5.60% intensity increase
OCCUPATIONAL HEALTH & SAFETY
2023 Progress LTIFR (cases per 200,000 man-hours)
LTIFR = 0.49 < 0.5 by 2025
< 0.1 by 2030
WATER*
Note: 2025 target has been revised to 0.46, Reduction in water intensity 2023 Progress
as the 2023 performance has already
surpassed it.
10% by 2025
20% by 2030 1.33% reduction
2030 target has been revised to 0.25. Contributing to the

RENEWABLE ELECTRICITY WASTE 2023 Progress

2023 Progress CONSUMPTION 90% waste diverted from landfill
3.14% 10% by 2025 by 2025/2030 75%
25% by 2030

CIRCULAR FEEDSTOCKS RECYCLING COMMITMENT

2023 Progress Bio-based feedstock: • Post-consumer PET bale input per year 2023 Progress
Bio-based feedstock:
1.32% against our external
16% against our external feedstock
Recycled feedstock
0.75 million tons by 2025
1.5 million tons by 2030
324,256 tons
feedstock (Post-consumer PET bale input): • Post-consumer bottles recycled per year 21.6 billion bottles
23% against our PET feedstock 50 billion by 2025
Recycled feedstock by 2030 100 billion by 2030
(Post-consumer PET bale input): * Base year 2020
5.11% against our PET feedstock

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 7
INDORAMA VENTURES’
KEY ESG HIGHLIGHTS 2023

ENVIRONMENT RECYCLING CIRCULAR

FEEDSTOCKS

GHG emissions
Total energy consumption GHG emissions (Scope 1) intensity Recycling of post-consumer Bio-based feedstock:
120.9 million GJ 0.4430 tCO e / ton of production PET bale input
1.32%
2
324,256 tons against our external feedstock
Total energy intensity GHG emissions (Scope 2) intensity
7.54 GJ / ton of production 0.1482 tCO e / ton of production
2
2,258,509 tons
(From 2011 - Dec 2023)
Total renewable energy GHG emissions (Scope 1&2) intensity*
consumption
0.5911 tCO e / ton of production Equivalent to

1.41 million GJ * Market-based

2
21.6 billion PET bottles Recycled feedstock
(Post-consumer PET bale input):
5.11%
Total renewable electricity
consumption 109 billion PET bottles against our PET feedstock
3.14% (From 2011 - Dec 2023)

Hazardous waste intensity

0.0092 tons / ton of production
Waste diverted from landfill**
Total water withdrawal intensity
75%
5.21 m / ton of production
3
** Including waste incinerated with energy recovery

Total recycled / reused water

6.96%

8 INDORAMA VENTURES PCL

 SOCIAL ECONOMIC &
GOVERNANCE
FOR MORE
CORPORATE SOCIAL FINANCIAL INFORMATION
HUMAN RESOURCES
RESPONSIBILITY HIGHLIGHTS
Total Employees Total CSR contribution Total Production Volume
CORPORATE GOVERNANCE
29,056 $ 3.23 million 13.92 million tons POLICY AWARENESS
CAMPAIGN (CGPAC)
Female Total in-kind giving Consolidated Revenues IMPLEMENTATION
24.26% $ 327,693 $ 15.56 billion 88%
Employee attendance
Employee Net Promoter Score
15,126 Core EBITDA
75.85% (NPS) Volunteer hours $ 1,284 million HUMAN RIGHTS
Average Training Circular economy education Core Net Profit after Tax and NCI DECLARATION
31.88 hours 437,465 $ 67 million 100%
people reached
Signed by business Heads
Total Employee Turnover Rate Operating Cash Flow
and site Heads
13.57%
* Includes temporary employees 6%
Environment
19%
Knowledge
$ 1,526 million
Core Earnings per Share
CUSTOMER SATISFACTION
HEALTH AND SAFETY
THB 0.28 STUDY*
529
Total Recordable Injury Rate: TRIR CSR
AA- 84.82%
0.68 activities
Rating Customer Satisfaction Index
cases per 200,000 man-hours

Lost Time Injury Frequency Rate: LTIFR 75% 78%

Customer Retention Rate (CRR)
Community Care
0.49
cases per 200,000 man-hours 48
Net Promoter Score (NPS)
* A formal customer satisfaction study is conducted every
other year as part of our group sustainability strategy.
This study was conducted in 2022.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 9
 INDOVINYA
KEY ESG HIGHLIGHTS 2023
The previous name of the business division was Integrated Oxides and Derivatives (IOD).

2023 Performance ENVIRONMENT

GHG EMISSIONS
$ 3.6 B $ 0.5 B 13% 3% 0.8426 tCO e / ton of production
2
Revenue EBITDA EBITDA margin ROCE Scope 1 intensity

Market Leadership 0.0756 tCO2e / ton of production

Scope 2 intensity*

#1 #1 #2 0.9182 tCO2e / ton of production

Scope 1 and 2 intensity*

Non-ionic Fabric and home care Ethoxylation * Market-based

surfactants producer ingredients company
in the Americas with provider in the globally
shale integration Americas
ENERGY
14.36 GJ / ton of production
Intensity

CUSTOMER 3.16%
Renewable electricity
INNOVATION SATISFACTION*
WATER HEALTH AND SAFETY
VITALITY INDEX*
17.7% 15.0% 84.11% 8.33 m / ton of production
3
TOTAL RECORDABLE
2023 Actual 2023 Target Customer Satisfaction Index (CSI) Intensity INJURY RATE: TRIR

WASTE 0.21
$ 22.4 million 84% cases per 200,000 man-hours
R&D Spending Customer Retention Rate (CRR) 75.92%
Waste diverted from landfill** LOST TIME INJURY
7 46 ** Including waste incinerated with energy recovery FREQUENCY RATE: LTIFR
R&D Centers Net Promoter Score (NPS)
0.08
* Revenue generated from the sales of products * A formal customer satisfaction study cases per 200,000 man-hours
developed during the last five years. was conducted every other year as part of our
group sustainability strategy.
This study was conducted in 2022.

10 INDORAMA VENTURES PCL

 COMBINED PET (CPET)
KEY ESG HIGHLIGHTS 2023

2023 Performance ENVIRONMENT

GHG EMISSIONS
$ 9.4 B $ 0.7 B 7% 9% 0.2734 tCO e / ton of production
2
Revenue EBITDA EBITDA margin ROCE Scope 1 intensity

Market Leadership 0.1041 tCO2e / ton of production

Scope 2 intensity*

#1 #1 The only shale-integrated 0.3775 tCO2e / ton of production

player in the West Scope 1 and 2 intensity*
* Market-based
PET rPET
Packaging leadership
producer producer
in emerging markets
globally globally ENERGY
4.25 GJ / ton of production
Intensity

CUSTOMER 2.16%
Renewable electricity
INNOVATION SATISFACTION*
WATER HEALTH AND SAFETY
VITALITY INDEX*
27.3% 21% 85.30% 3.43 m / ton of production
3
TOTAL RECORDABLE
2023 Actual 2023 Target Customer Satisfaction Index (CSI) Intensity INJURY RATE: TRIR

WASTE 0.60
$ 4.5 million 78% cases per 200,000 man-hours
R&D Spending Customer Retention Rate (CRR) 59.71%
Waste diverted from landfill** LOST TIME INJURY
3 52 ** Including waste incinerated with energy recovery FREQUENCY RATE: LTIFR
R&D Centers Net Promoter Score (NPS)
0.38
* Revenue generated from the sales of products * A formal customer satisfaction study cases per 200,000 man-hours
developed during the last five years. was conducted every other year as part of our
group sustainability strategy.
This study was conducted in 2022.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 11
 FIBERS
KEY ESG HIGHLIGHTS 2023

2023 Performance ENVIRONMENT

GHG EMISSIONS
$ 3.2 B $ 0.1 B 4% -1% 0.4821tCO e / ton of production
2
Revenue EBITDA EBITDA margin ROCE Scope 1 intensity

Market Leadership 0.5813 tCO2e / ton of production

Scope 2 intensity*
Lifestyle Hygiene Mobility
1.0634 tCO2e / ton of production
Scope 1 and 2 intensity*
#1 #2 #2 #2 * Market-based

in PET staple in BiCO in airbag in tire cord

fiber ASEAN fiber yarn fabric ENERGY
10.56 GJ / ton of production
Intensity
CUSTOMER
INNOVATION SATISFACTION* 4.87%
Renewable electricity
VITALITY INDEX*
WATER HEALTH AND SAFETY
18.0% 22.0%** 84.15%
2023 Actual 2023 Target Customer Satisfaction Index (CSI) 8.20 m / ton of production
3
TOTAL RECORDABLE
Intensity INJURY RATE: TRIR
$ 9.9 million 75%
R&D Spending Customer Retention Rate (CRR)
WASTE 0.95
cases per 200,000 man-hours
17 42 93.65%
R&D Centers Net Promoter Score (NPS) Waste diverted from landfill** LOST TIME INJURY
* Revenue generated from the sales of products
developed during the last five years.
* A formal customer satisfaction study
was conducted every other year as part of our ** Including waste incinerated with energy recovery FREQUENCY RATE: LTIFR
** With challenging business conditions impacting
the entire fibers industry in 2023,
group sustainability strategy.
This study was conducted in 2022. 0.76
the Fibers segment saw delays and cancellation cases per 200,000 man-hours
of product launches by our customers and end users,
resulting in a lower Vitality Index.

12 INDORAMA VENTURES PCL

SUSTAINABILITY VALUE PROTECTION
AND VALUE CREATION
FOR MORE
INFORMATION

Our business aims to optimize the use of resources and generate meaningful outcomes from different activities in our value chain. To succeed and grow in the current
business environment, ESG and sustainability factors are essential for protecting and creating corporate value.

Value Protection Value Creation

Improving operational efficiency Driving innovation & growth through
By adopting circular economy principles, maximizing a sustainable product portfolio
resource efficiency, minimizing the consumption of By investing more in advanced technologies, R&D,
energy, raw materials and other inputs and minimizing and collaborating with stakeholders to create and
waste, resorting to low carbon intensive energy at high deliver products and solutions that meet their current
emissions sites and exploring technologies to capture and future needs.
emissions.

Implementing circular economy principles

Complying with regulations and anticipating and practices in value chain
future trends and challenges By utilizing more circular feedstocks and energy from
By complying with regulations and anticipating future renewable sources, minimizing waste and maximizing
trends and challenges and adhering to the relevant laws, resource efficiency as well as promoting PET waste

SUSTAINABILITY
regulations, standards in all the markets where separation and recycling.
the company operates.

Enhancing the environmental performance

Reducing risks and enhancing resilience and resilience of operations and
By ensuring the continuity and reliability of the company’s supply chains
operations in the face of various internal and external By collaborating with players in the value chain
challenges, such as natural disasters, cyberattacks, to strengthen the ESG practices and collaborate
supply chain disruptions, market volatility, to achieve the sustainability and decarbonization goals.
or regulatory changes.

Gaining trust, enhancing our reputation, and

Retaining good relationships improving stakeholder relations
by engaging with stakeholders By participating in advocacy programs globally,
By using various channels to communicate directly and together with industry associations and memberships,
indirectly with the stakeholders, and by soliciting and adopting best-in-class ESG and sustainability practices,
incorporating their expectations and feedback to and being listed in recognized ESG ratings.
improve the operations and services.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 13
ENVIRONMENTAL
PERFORMANCE
15 Decarbonization
16 GHG Management
17 Energy Management
18 Waste Management
19 Water Management
20 Circular Economy - Recycling

14 INDORAMA VENTURES PCL

DECARBONIZATION
Mid-term FOR MORE
INFORMATION
(2029-2035)
Recycling Renewable
Short-term Feedstock
(2025-2028)
Energy Future
Transition Technology
Mechanical Edible
Recycling Biomass
Non-
edible
Renewable Biomass Carbon Capture
Energy Advanced Utilization and
Recycling Storage (CCUS) Long-term
Improving Natural (After 2035)
Operational Coal phase out Algae
Green
Capital
Efficiency Biomass
Hydrogen
Solutions
Green Bio/Circular
Projects Innovation Forest Carbon
Project

Decarbonization Strategies - Driving Towards Sustainable Future

2023 HIGHLIGHTS

In 2023, IVL Dhunseri Petrochem Industries Private Limited in India successfully converted a hot oil coal heater to
natural gas, resulting in an estimated GHG savings of 35,000 tCO2e annually. This marks a significant step
towards our overarching goal of achieving a 100% coal phase-out by 2030. Indorama Ventures has been
awarded by CDP:
From 2020 to 2023, we achieved a reduction of 264,000 tCO2e, which equates to 3.8% of our Scope 1 • a “B” rating for Climate Change
baseline emissions, through decreased coal usage. Our journey to phase out coal from our operations is underway Management
and we have initiated several coal reduction projects. We are actively evaluating fuel transition technologies, • a “B-” rating for the first year of
with site readiness and alternative fuel availability being key factors under thorough examination. assessment on Water Security

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 15
GHG MANAGEMENT
FOR MORE
INFORMATION

Scope 1 Scope 2 Scope 1 & 2

Direct GHG Emissions Indirect GHG Emissions Total GHG Emissions
Location-based Market-based Location-based Market-based
0.4486 0.6086 0.6130
0.5926 0.5948
0.4362
0.4296 0.4430 0.5852 0.5975 0.5809 0.5911

0.1600 9,801,401 9,826,447

7,207,125 0.1563 0.1644 9,790,078 9,730,124
0.1556 0.1585 0.1513 9,580,940 9,530,259
7,195,277 0.1546 9,461,807 9,478,190
7,102,530 0.1482
6,974,574
2,606,124
2,619,322
2,582,952
2,555,685 2,534,847
2,487,233 2,375,660
2,478,410

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

GHG emissions (tCO2e) Intensity (tCO2e / ton of production)

Scope 3 (9 Categories) GHG (Scope 1 & 2*) 2023 HIGHLIGHTS

Intensity Reduction
• Purchased Goods and Services (including Nitrogen) (2020 baseline)
• Capital Goods Target
GHG emissions for Scopes 1, 2, and 3
• Emissions from Electricity (T&D, WTT) and Fuels (WTT) 10% by 2025 and (9 categories) were verified by an external auditor
• Upstream Transportation
30% by 2030
• Waste * Scope 2 intensity (market-based)
• Business Travel 100% GHG accounting, verification,
• Employee Commuting
Performance and assurance in accordance with
In 2023, we recorded an intensity of
• Downstream Transportation ISO 14064-1 and ISO 14064-3
• Use of Sold Products
0.5911 tCO 2 e/ton, a 3.57%
reduction against 2025 target.

16 INDORAMA VENTURES PCL

ENERGY MANAGEMENT
FOR MORE
INFORMATION

Total Energy Consumption

7.29 7.54
7.14 27.33%
7.00 18.26% Purchased
122,147,400 Coal steam, heat, and
120,904,857
compressed air
2.91%
115,583,712 Direct 2.27% Indirect Renewable
111,045,549 Energy Others Energy Electricity
97,528,362 0.75% 23,376,495
GJ Biogenic GJ 0.21%
(Biomass)
Purchased
cooling,
81.12% 74.40% chilled water
-2.40%
2020 2021 2022 2023
Natural gas Direct energy Purchased -4.85%
sold electricity
Total Energy consumption (GJ)
Indirect energy
sold
Intensity (GJ / ton of production)

Energy Intensity Renewable Electricity HIGHLIGHTS

(2020 baseline)
Consumption From 2014 to 2023
(2020 baseline)

Target Target 16 Onsite/Offsite 98,878 MWh 49,162 tCO2e

solar installations of solar based of total cumulative
5% by 2025 and 15% by 2030 10% by 2025 and 25% by 2030 in China, India, renewable GHG reduction
Indonesia, electricity from renewable
Performance Performance Thailand, generated and electricity
In 2023, we recorded In 2023, IVL consumed 3.14% Lithuania, USA, used in plants consumption
an energy intensity of 7.54
GJ/ton, of renewable electricity Italy, and Egypt
which was an increase against total electricity consumption.
of5.60% from 2020 baseline.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 17
WASTE MANAGEMENT
FOR MORE
INFORMATION

Total Waste Total Hazardous Waste 2023 HIGHLIGHTS

0.0093 0.0092
Generated, recycled & reused, incinerated 0.0085
0.0075
(with and without energy recovery), Total waste intensity
landfilled, and others
463,913 140,010
156,012 148,303 0.0289 tons / ton of production
463,310
427,079
117,157
53% of total waste was recycled and
reused
333,758
22% of total waste went to incineration
53% 51% 53% with energy recovery

47%
2020 2021 2022 2023
Total hazardous waste (tons)
Waste Management Audit Program
Initiated in 2021, the objective of this audit
Intensity (tons / ton of production)
21%
program is to verify the amount and certify
22% 22% the diversion rate. This audit helps us to better
19% understand waste management practices
2% Waste Diverted
2% and utilize more waste in line with a circular
5% 2% from Landfill* economy approach.
21% 18% (2020 baseline)
22% 16%
Target In total, 35 sites were audited
7% 7% 5% 5% by an external auditor :
2020 2021 2022 2023 90% Waste diverted from landfill
by 2025 17 sites received Platinum certification
(diversion rate of more than 95%)
Total generated waste (tons)
Recycled & reused (% of total generated waste)
Incinerated with energy recovery (% of total generated waste)
Performance 12 sites received Gold certification
Incinerated without energy recovery (% of total generated waste) In 2023, 75% of our waste was
(diversion rate of more than 90%)
Landfilled (% of total generated waste)
Others (% of total generated waste)
diverted from landfill. 1 site received Silver certification
(diversion rate of more than 85%)
* Including waste incinerated with energy recovery.

18 INDORAMA VENTURES PCL

WATER MANAGEMENT
FOR MORE
INFORMATION

Total Water Withdrawal Total Recycled / Reused Water 2023 HIGHLIGHTS

5.34 7.20
5.28 5.21 6.59 6.96
5.19

5.93 6,739,271
88,154,619
86,910,325
83,500,378
6,250,851 5 sites achieved
82,050,413 5,786,158
5,555,472 Zero Liquid Discharge
• Avgol Nonwovens India Private Limited
• Indorama Petrochem Limited (PET)
• PT. Indorama Ventures Indonesia (PET)
• PT. Indorama Ventures Indonesia (Fibers)
2020 2021 2022 2023 2020 2021 2022 2023
• Schoeller Kresice s.r.o
Total water withdrawal (m3) Total volume of recycled / reused water (m3)
Intensity (m3 / ton of production) Recycled / Reused water (%)

Water Intensity The Indorama Ventures Fibers team in Kaiping

Reduction celebrated the successful commissioning of a new
(2020 baseline)
wastewater treatment system, the Ultrafiltration
Target Membrane System.
10% by 2025 and This system reduces water consumption at the Green Hill
site by approximately 100 tons per day (30% of total
20% by 2030 usage). The achievement of zero wastewater discharge
for both the Changsha and Green Hill sites signifies a major
Performance
milestone in our sustainability and cost improvement
In 2023, we recorded a water intensity
journey.
of5.21 m3/ton of production, a 1.33%
reduction against 2025 target.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 19
CIRCULAR ECONOMY -
RECYCLING FOR MORE
INFORMATION

Post-consumer PET bale input

for recycling Circular
Feedstock
Recycled
• Unit: Tons
• Unit: Bottles
109 billion
post-consumer
21.6
billion
Target PET bottles*
10.1 Recycled feedstock
5.8 billion
324,256
(Post-consumer PET bale input): Reduced RECYCLING
0.25 billion 222,288 23% against our PET 3.2 million tons 2011- 2023
billion 128,890 feedstock by 2030 of carbon footprint * As of 31 Dec 2023
5,418 from the product
lifecycle Prevented
2011 2015 2020 2023 Performance 2.2 million tons
In 2023, we recorded 5.11% of plastic waste from
The PET bottles figure uses an average weight and an overall height of
against our PET feedstock. going to landfill
on-the-go PET water and soda bottles, equivalent to the volume recycled at
Indorama Ventures recycling sites between February 2011-December 2023.
Weighting shall be referenced to The International Bottled Water Association.

CELEBRATE WITH US 2023 HIGHLIGHTS

As of September 25, 2023, we successfully recycled 100 billion post-consumer PET bottles
(since 2011) - and counting
Joint effort with Evertis Expansion of PET
Recycling and AMB through the Recycling Capacity in Brazil,
From 2011 until now, we have recycled ‘Tray-to-Tray (from 9,000 tons to 25,000 tons
Recycling’ program per year), supported
100000000000 BOTTLES to produce recycled PET
(rPET) flakes for food
by a ‘Blue Loan’ from the
International Finance Corporation
Billion Million Thousand
As of 25 September 2023
packaging trays (IFC), a member of the World Bank.
Our real-time bottle recycling counter is available on our website.

20 INDORAMA VENTURES PCL

SOCIAL
IMPACT
22 Giving Back to Communities
23 Circular Economy Education
24 Investing in Our People
25 Health and Safety
26 Supply Chain Management

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 21
GIVING BACK TO COMMUNITIES
FOR MORE
INFORMATION

Overall CSR Performance 2023 2030 Targets & Performance

Knowledge Community Care Environment

Social Contributions Activities Educate

1,000,000 people
Reach at least
100,000 people
Collect at least
100 tons of post-consumer
globally in the community PET bottles for recycling
Environment
3%
Knowledge
25%
Environment Knowledge 682,204 98,496 80
6% 19% people reached beneficiaries tons collected
(since 2018) (since 2020) (since 2020)

529 Results and Outcomes

$ 3,226,922 CSR
activities

Community Care Community Care

Knowledge: Community Care: Environment:
72% 75% • 65 initiatives that • 165 initiatives that • 15 initiatives that
promote recycling support infrastructure, support the waste
awareness and sports, health, and management system.
education. well-being enhancement.
• 13 initiatives that
• 24 initiatives that • 110 initiatives that support reforestation
support internship and support local activities and tree planting
$ 2,773,633 $ 327,693 15,126 hours scholarship programs. and events. programs, including
creating greener areas.
Cash Contribution In-kind giving Time Volunteered by Employees • 9 initiatives that • 85 initiatives that
support the STEM support groups of • 6 initiatives that create
education and vulnerable people, an improved and cleaner
innovation program. natural disasters, and environment and
emergency cases. surroundings.

$ 125,597 A second consecutive silver recognition & • 37 initiatives that

empower local
Total Management Best-in-class for the Special Thai
enterprises and skills
Overhead Development Award 2023 development.

22 INDORAMA VENTURES PCL

CIRCULAR ECONOMY EDUCATION
FOR MORE
INFORMATION

2023 HIGHLIGHTS
2023 PERFORMANCE
Indorama Ventures, in collaboration with Yunus Thailand, has
introduced the Waste Hero Education program, a free-to-use Southeast Asia Waste Hero
teaching resource. This global resource for teachers includes has a Social Return
19 meticulously crafted lesson plans focused on Recycling
Fundamentals, Creating Zero Waste, and Building the Circular 4.49 times* 437,465
Economy. the social value. people reached

Predominantly, over 7,236 educators applied the Waste Hero

* This calculation is based on the social impact
teaching resources in the classroom that reached to 413,056 data gathered from teachers in Indonesia and
students in more than 83 countries, and 26 international the Philippines who participated in the Southeast
organizations engaged and still counting. Asia Waste Hero Training Session in 2023.

We cooperate in disseminating the program with strategic partners

for global implementation and localization: 860 141
schools and universities training
engaged sessions

Southeast Asian Ministers of Education Organization

Regional Centre for Sufficient Economy
Philosophy for Sustainability

Scale up the 15 promotional Promote the utilization of Reach more than 4 million
campaigns and engage education resources at educator communities
with 10 influencers and
5 affiliates.
more than 1,000 schools
across Southeast Asia.
throughout the United States
15 525
events to promote teaching hours
Circular Economy

Indorama Ventures, in partnership with the Education

Bureau under the Bangkok Metropolitan Administration
(BMA), organized training sessions on sustainable plastic
waste management at 100 BMA schools, reaching 11,593
students and teachers. We also hosted a school model
competition, with 87 BMA schools participating. These 6 26
schools showcased their practical application of Thai companies joined international
knowledge in managing plastic waste within their the Circular Economy organizations received
program Waste Hero Education
schools. materials and knowledge

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 23
INVESTING IN OUR PEOPLE
Nationalities Employees by Continent FOR MORE
(% of total employees) (% of total employees) INFORMATION

Thai Europe, Middle East

and Asia (EMEA)
13% Americas Employee Turnover Rate
Indian 25% 25%
Others
11%
92
13.71% 13.57%
37% 29,056* 11.42%
9.08%
11.33%
Nationalities 8.49%
9% American Total Employees 6.32%
6.60%

7%
4%
7% 7%
5% Brazilian
German 50%
2020 2021 2022 2023
Mexican Indonesian
Asia-Pacific (APAC)
Chinese Total turnover rate Voluntary turnover rate
* Includes temporary employees

Sustaining Strong Leadership

2023 HIGHLIGHTS
49 young leaders worldwide 24.26% 221
participated in Indorama Ventures Female Employees
(% of permanent employees)
inaugural Future Leaders Program with disabilities
13.57% total employee turnover rate
aimed at nurturing the next Indorama Ventures was honored as an award
generation of leaders. recipient of the HR Asia Best Companies to
Work for in Asia 2023. This recognition is a 40.55% of our employees
Well-purposed leadership testament to our commitment to providing an are covered by collective bargaining
exceptional work place environment and
curriculum deployed to develop promoting a culture that values and supports agreements
strong leadership involving more employees.
than 3,000 leaders. Securing a second consecutive win at the 831,855 total training hours
Thailand Best Employer Brand Awards 2024
Succession Planning executed highlighted the exceptional achievement of our
for all targeted positions covering Corporate Head Office in Sustainable Career
Development for High Employee Engagement. 31.88 average training hours per
1,154 leadership positions with This initiative comprises five pillars: Career employee
1,828 validated successors. Leadership, Career Goals, Career Strengthening,
Career Experience, and Career Growth Development.

24 INDORAMA VENTURES PCL

 HEALTH AND SAFETY
FOR MORE
INFORMATION

Key Benefits of Good EHS Management Strategic Priorities 2023 HIGHLIGHTS

Operational
Innovation and Efficiency and
Creativity
Enhanced Innovation
Compliance
Operational Resilience
Governance 50% of our operations (77 out of 153)
Resource Efficiency Legal Compliance
achieved zero recordable injuries
Standardization 18 new standards released by
corporate EHS providing guidance on
various topics to our sites worldwide
Capability Building
Employee Positive Corporate Environmental 2,678 employees participated in
Well-being and Reputation Sustainability
Assurance EHS training
Retention Community Trust Environmental Impact
Reduced Employee Turnover Industry Recognition Resource Efficiency
Improved Health and Well-being Stakeholder Confidence Establishment of the EHS Transformation
Culture Subcommittee within the Manufacturing
Excellence Council

Total Recordable Lost Time Injury

Injury Rate: TRIR Frequency Rate: LTIFR Process Safety Event Rate Targets
(cases per 200,000 man-hours) (cases per 200,000 man-hours) (events per 200,000 man-hours)

0.91
0.98
LTIFR
0.82 Target 0.66 (cases per 200,000 man-hours)
0.78
0.04
Target < 0.5* by 2025
0.51 Target
0.06 0.04 0.04
0.04 * 2025 target has been revised to 0.46, as the
0.47 2023 performance has already surpassed it.
0.48 Target
0.68
0.05 0.04 0.03 0.04 0.03
0.49 Performance
2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 0.49 cases
Performance Target Performance Target Tier 1 Tier 2
per 200,000 man-hours

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 25
SUPPLY CHAIN MANAGEMENT
FOR MORE
INFORMATION

Sustainable Supply Chain Program 2023 HIGHLIGHTS

Responsible Sourcing Policy

• A policy is designed to integrate and ensure sustainability criteria and compliance Awarded a Platinum Medal
throughout our supply chain, including but not limited to, business ethics, and placed in the Top 1%
human rights, diversity and equity, health and safety, as well as environment and of the best performing
climate protection, which covers energy, water, greenhouse gases, waste, biodiversity, companies in sustainability
and the fair treatment of stakeholders. assessments
• It is applicable to suppliers and their employees, parent companies, subsidiaries,
affiliated companies, and subcontractors. Joined Together for
Sustainability (TfS) to drive
Supplier ESG Assessment sustainable solutions with
Two-pronged approach - Direct engagement led by procurement and sustainability leaders, in our supply chain
and indirect engagement through third parties, such as EcoVadis, TfS, and others.
2024 KPIs for Supplier Assessment and Audit
Objectives for Supplier Engagement
• Product Carbon Footprint Management • 366 suppliers to be assessed through EcoVadis
• Compliance Management • 7 suppliers to have onsite 3 parties audit
rd

• Capacity Building on ESG criteria and requirements

2023 Gold Business Partner Award 2023 Pirelli Supplier Award

Petform (Thailand) Limited, a subsidiary of Indorama Ventures In 2023, the Fibers team at Indorama Ventures received the Pirelli
was honored with the 2023 Gold Business Partner award Supplier Award for their exceptional service level. This recognition
by its customer, Thai Beverage Public Company Limited, underscores our commitment to continuous support and
highlighting our strong partnership and shared commitment collaboration on innovation and development projects, the high
to consumer value and industry sustainability. quality and consistency of delivered products, and our global
presence, particularly in Single End Cord (SEC) production.

26 INDORAMA VENTURES PCL

ROBUST
GOVERNANCE
28 Corporate Governance and Business Ethics
29 Innovation and Product Stewardship
30 Performance Excellence Award

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 27
 CORPORATE GOVERNANCE AND
BUSINESS ETHICS
FOR MORE
INFORMATION
Indonesian
Non-Executive
Directors Thai 8%
17% 2023 HIGHLIGHTS
12 42%
Directors
Independent
Directors
34%
Nationalities
Corporate
Governance Policy
Female=17%
Male=83% 50% Awareness Campaign NO material cases or incidents of
Executive 41% 8% Indian (CGPAC) corruption or bribery
Directors American Implementation
>70
years old <50
years old
Report 2023 NO legal cases involving corruption or
<6 years
8% 17% anti-competitive practices concerning
33% 88% of all employees the company or our employees
9
Years
66-70
years old 25% 61 17% 50-60 attended the Corporate
50% Average Years years old NO material litigation against the company
Tenure 17% Average Age Governance Manual Training in
>10 years
6-10 years the past 3 years or our subsidiaries that negatively impacted
33% our business
61-65
years old 77% of all sites achieved full NO penalties imposed for material
training coverage in 2023
74 Reports non-compliance
Received through Whistleblower Reporting Channels
Environment, Health and Safety 5 reports 7%
Conflict of Interest 5 reports 7% 100%
Independent
Corruption or Bribery 4 reports 5% Directors on the
NCCG
Human Rights - Harassment 12 reports 16% and Audit
Committees
Human Rights - Discrimination 2 reports 3%
Human Rights - Unfair Termination 14 reports 19% Directors on the Nomination, A score of 100% for the Indorama Ventures received an
Miscellaneous 8 reports 11%
Compensation and 2023 Annual General Meeting “Excellent - 5 Star” CG score
Corporate Governance of shareholders, judged by by the Thai Institute of Directors (IOD)
Money Laundering or Insider Trading 0 report 0% (NCCG) and Audit the Thai Investors Association. for the 11th consecutive year.
Not qualified as Whistleblower Cases 24 reports 32% committees are This was our the 12th We have also earned a place among the
fully independent. consecutive year with “Top Quartile Companies” for the first
Of these 50 were qualified as whistleblower cases – 16 were substantiated a full score. time in the category of companies
complaints, 14 were unsubstantiated complaints, five lacked sufficient with a market capitalization
information to start an investigation and 15 are still under investigation. exceeding 10,000 million baht.

28 INDORAMA VENTURES PCL

INNOVATION AND
PRODUCT STEWARDSHIP
FOR MORE
INFORMATION

New Sustainable Solution

Indovinya Won World-First Sustainable
Based on 100% Recyclable Polyester,
Kurt Politzer Technology Award PET Sparkling Wine Bottles
to Replace Car Seat Foam
Sustainable chemical solutions: OXISENSE® H 1000
is a hydrotrope derived from vegetable sources,
100% renewable, and safe for human health and
the environment.

In the field of cleaning products designed for heavy

cleaning and degreasing applications, formulations • Developed and designed by SIPA and made from Auraloop: a new sustainable and innovative solution
are based on mixtures of non-ionic surfactants Indorama Ventures’ bottle resin and OxyClear® from Faurecia and Indorama Ventures, based on 100%
with high levels of alkaline electrolytes. Developing barrier, helping the European wine industry recyclable polyester, designed to replace traditional
such formulations presents the challenge of ensuring address a glass shortage. car seat foam.
compatibility among these ingredients to achieve
a stable system.   • The award-winning PET packaging solution for It not only meets the dynamic new market for car seats
sparkling wine provides brands with a fully recyclable with improved performance and comfort, but also
With OXISENSE® H 1000, Indorama Ventures invested option that maximizes logistics efficiencies, embraces sustainability by integrating materials that
in the development of a product with several minimizes handling risks, runs on existing combine comfort with the circular economy into
environmentally friendly properties: glass-filling lines, and has a lower carbon footprint. future vehicles.
• It is simultaneously cold processable • OxyClear® PET wine bottles offer the same benefits
(leading to energy savings). and functionality of glass, even after 24 months • Enhanced seating comfort: a more open fiber
• It is water-free (contributing to water savings). in storage at 15 degrees. structure and permeability for air than current seating
• It is free from phosphates and any other pad solutions.
phosphorus derivative (avoiding eutrophication).
• Improved breathability: the seating facilitates
superior passive thermal regulation for occupants.

• Increased durability: the seating’s resilience is

sustained by limited subsidence over its lifetime.

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 29
PERFORMANCE EXCELLENCE AWARD
FOR MORE
INFORMATION

Fibers Winner Indovinya Winner

For the rewards system, we offer the Indorama Ventures Performance
Excellence Award 2024, a significant initiative aimed at sustaining and
improving employee engagement, as well as motivating our employees
to achieve exceptional results. This award recognizes stellar performance across
three criteria: Financial Performance, Operational Performance, and
Sustainability Performance. The top-performing business units are identified
by benchmarking their performance across these criteria, while cash incentives
are also provided to employees of these standout units to recognize their
excellent teamwork. Avgol Industries 1953 Ltd. (Dimona), Israel Oxiteno S.A. Indústria e Comércio (Tremembé),
Brazil

PET Winner Packaging Winner Recycling Winner Aromatics Winner

IVL Dhunseri Polyester Company S.A.E., Egypt Indorama Ventures Packaging (Myanmar) Indorama Polyester Industries Public Company Indorama Petrochem Limited (PTA) – Rayong,
Limited, Myanmar Limited (Nakhon Pathom), Thailand Thailand

30 INDORAMA VENTURES PCL

DATA REPORTING, VERIFICATION AND REPORT ASSURANCE
This report was prepared in adherence with the Global Reporting Initiative (GRI) standards core option and the
International Integrated Reporting Council (IIRC)’s International Integrated Reporting Framework 2021.

100% Reporting Certification and Assurance in accordance with the GRI Standards, Framework and AA1000AS
by an independent auditor.

100% GHG Accounting, Verification and Assurance in accordance with ISO 14064-1 and ISO 14064-3
by an independent auditor.

CONTACTS
AND FEEDBACK

[email protected] Sustainability Report 2023 Annual Report 2023 Indorama Ventures - ESG Profile
(Form 56-1 One Report)

FOR MORE FOR MORE FOR MORE

INFORMATION INFORMATION INFORMATION

SUSTAINABILITY REPORT
EXECUTIVE SUMMARY 2023 31
 Celebrate with us! SUSTAINABILITY REPORT
Since 2011, we have ACHIEVED EXECUTIVE SUMMARY 2023

100
billi n
INDORAMA VENTURES PUBLIC COMPANY LIMITED
75/102 Ocean Tower 2, 37 th Floor, Soi Sukhumvit 19 (Wattana),
Asoke Road, Klongtoey Nua, Wattana, Bangkok 10110, Thailand

PET bottles +66 2 661 6661

[email protected] www.indoramaventures.com
Recycled on
25 September 2023 and Counting
With a total reduced THIS SUSTAINABILITY REPORT
GHG emission of WAS PRINTED ON ECO-FRIENDLY PAPER (PS GREEN).
THE TEXT IN THE REPORT WAS PRINTED USING NATURAL SOY INK.
2.9 million tons
copyright© 2023 Indorama Ventures Public Company Limited. All rights reserved.
Recycling
Since 2011 until now, we recycled

10000000000
Billion Million Thousand
BOTTLES
Designed by
As of 25 September 2023

Please visit our website for

The real-time bottle recycling counter
FOR MORE
INFORMATION