The Thai chemical company Indorama Ventures said on Wednesday it had set aside 1.4 billion euros for investment in recycling.

In doing so, the group, whose main activity is the production of PET resin, says that it takes into account both consumer awareness of the environmental impact of single-use plastics and willingness of the authorities to promote recycling. PET resin is a polymer used for plastic bottles, which Indorama has manufactured nearly 5,000 kilotons over the 12 months to June 30.

"We are investing $ 1 billion in recycling over the next five years," Indorama CEO Aloke Lohia told Reuters. He has 11 recycling sites around the world, including in Thailand, Mexico and in France.

In March, the European Parliament definitively adopted a draft directive that will prohibit, from 2021, the placing on the market of certain plastic objects for single use. Plastic bottles will have to be collected for recycling to 77% of their total mass in 2025 and 90% in 2029. They must also incorporate 25% recycled material in 2025 and 30% from 2030.

After 2023, Indorama plans to invest an additional $ 500 million to help its customers, including Coca-Cola, PepsiCo and Nestle, achieve this 25% goal, Aloke Lohia continued. "The global infrastructure for recycling PET is there. The problem is collection, "he said. According to Wood Mackenzie Chemicals, the PET bottle collection rate in the European Union was about 58% in 2017.