Food security and agricultural demand
By 2050 agriculture may need to produce around 50% more food, feed and fiber than in 2012, mostly from higher productivity on existing land.
Indorama Corporation · Fifth Sustainability Report · 50 years since 1975
Resilience
Resilience
in Motion
Essential Materials. Better Lives. Five decades on, Indorama produces fertilizers, polymers, fibers, chemicals and medical gloves across 38 manufacturing sites, and is progressively aligning its disclosures with IFRS S1 and S2.
GRI 2021IFRS S1 / S2SASB Chemicals & Ag ProductsUN SDGsISAE 3000 / 3410 assured
0.59tCO₂e/tGHG intensity▼ 6.3% vs 2021
7.88GJ/tEnergy intensity▼ 15% vs 2021
68%Waste diverted from disposal; 90% for hazardous waste
0.21LTIFR per million hours worked▼ from 0.44 in 2024
USD 247M+Green and sustainability-linked financing
Changes measured against the restated 2021 baseline.
Overview · The ESG framework
Three pillars, one commitment to lasting value
Indorama's sustainability journey focuses on Environment, Social and Governance, in harmony with the UN Sustainable Development Goals. Select a pillar to jump to the chapters behind it.
EEnvironment
Weaving circularity into the Group's processes: using natural resources judiciously, improving energy efficiency and reducing emissions, water use and waste.
−19%water withdrawal vs 2021
−25%waste intensity vs 2021
SSocial
Positively impacting the lives of the people associated with Indorama: employees, contractors, farmers, customers and the communities around its operations.
~700kcommunity beneficiaries
361,766farmers supported
GGovernance
Board-level oversight of sustainability and climate risk through a five-tier ESG governance structure, with independent limited assurance.
17material topics (double materiality)
20Group entities in the boundary
Aligned with the UN Sustainable Development Goals
2345678101213
Factors driving Indorama's approach to ESG
ESG Highlights · CY2025
The year in numbers
Select any figure to see what sits behind it. Changes are measured against the restated 2021 baseline unless noted.
Chairman's Message
Building organizations that anticipate change
Our objective is not to create a sustainability system alongside the business, but to make sustainability part of how good business is done.
On the restated basis, between 2021 and 2025 Group production increased by approximately 12% while Scope 1 and 2 emissions increased by approximately 5%; GHG intensity improved by more than 6%. The Decarbonization Roadmap identifies about USD 130 million of investment opportunities with the potential to cut annual emissions by about 1.2 MtCO2e by 2028.
Read more from the message
The world is entering a period where resilience has become one of the defining characteristics of successful businesses. Climate change, geopolitical uncertainty, evolving customer expectations, changing regulatory landscapes, technological disruption and growing pressure on natural resources are fundamentally reshaping the way companies compete and create value.
Projects implemented to date represent estimated annualized emissions reductions of approximately 440 kilotonnes CO2e per year, supported by approximately USD 45 million of investment. More than USD 247 million in green and sustainability-linked financing supports this transition.
During 2025 we strengthened ESG data management, digital integration and internal controls, complemented by external limited assurance, and restated our historical GHG inventory to reflect portfolio changes, strengthened data validation and updated emission factors. The restatement does not change the underlying direction of our decarbonization program.
Energy intensity improved to 7.88 GJ per tonne of production, while total water withdrawal declined by approximately 19% from the restated 2021 baseline. For the first time, this report provides a dedicated view of supply-chain responsibility and product stewardship.
Safety remains fundamental to everything we do. We deeply regret the work-related fatality that occurred during the reporting period. We honor our colleague by learning from this loss, strengthening our systems and renewing our commitment to ensuring that every employee and contractor returns home safely each day.
Sri Prakash Lohia, Chairman
01 · Business Overview
Indorama at a glance
A diversified industrial group founded in 1975, supplying materials that underpin food security, healthcare delivery and industrial supply chains across four continents.
10+Mtmanufacturing capacity per year (10.35 Mt produced in 2025)
25,215employees across 10 countries
38manufacturing sites across 20 Group entities in the reporting boundary
247+USD Mgreen and sustainability-linked financing
Five business platforms
Where Indorama operates
Group entities by location and businessSome entities shown are outside the 2025 report’s boundary.
Purpose
Essential Materials. Better Lives.
Fertilizers and agri-inputs that support agricultural productivity; medical gloves that serve healthcare systems; fibers, yarns and polymers for apparel, packaging and consumer markets; chemicals and minerals for industry.
Vision
The materials company of choice.
For customers and employees, driving scale, growth and sustainability. Values: Act like owners · Be adaptable · Care deeply · Deliver excellence.
Three megatrends shaping the business to 2050
The low-carbon transition
Carbon pricing and changing finance expectations reshape energy-intensive manufacturing; IRC is also evaluating carbon capture and storage at selected sites. GHG intensity fell from 0.63 to 0.59 tCO2e/t while production grew ~12%.
Digitalization and operational efficiency
Advanced analytics, predictive and AI tools support information management, automation and process optimization, while building digital capability across the workforce.
Business Model
How the six capitals create value
Each capital is an input the business depends on and an outcome it affects. Select a capital to trace it from input to 2025 outcome.
Governance guardrails: disciplined capital allocation · Board-level ESG & risk oversight · double materiality assessment. By 2030, IRC is targeting more than USD 10 billion in revenue, supported by expanded manufacturing capacity, value-accretive acquisitions and an increasingly AI-enabled workforce.
02 · Sustainability Governance
Board oversight to site delivery
A five-tier ESG governance structure with documented decision rights and escalation thresholds. Climate risk is a principal risk within Enterprise Risk Management.
The Board's Audit & Risk Committee oversees enterprise risk, including climate risk, alongside this structure.
Board composition
6directors: 5 executive, 1 independent non-executive. Annual evaluation covers oversight of sustainability and climate risk.
Reporting cadence
QuarterlyESG Committee → ESG Council → Board, plus an annual Board review of climate risks and Roadmap progress. ESG Council chaired by the Vice Chairman.
Conduct
Zeropolitical contributions, direct or in kind. No material non-compliance with laws and regulations reported in 2025.
Climate scenario set reviewed by the Board
TCFD analysis May 2024Transition
IEA NZE 2050
1.5°C-aligned pathway
Transition
IEA APS
Announced government pledges
Physical
SSP1-2.6
Lower emissions, lower warming
Physical
SSP5-8.5
High emissions, high warming
Horizons: 2030 (short), 2040 (medium), 2050 (long). The TCFD analysis identified potential long-term carbon-pricing exposure of about USD 141–361 million by 2050, depending on scenario.
ESG policy framework
03 · Sustainability Strategy and Targets
Understanding what matters
The Double Materiality Assessment drew on 199 external respondents across eight stakeholder groups and benchmarking against 15 peers. It identified 17 material topics.
Impact materiality
↑ Financial materiality
Three strategic pillars
Climate and Decarbonization
Mitigation and resilience · SDG 7, 13
People, Safety and Community
SDG 2, 3, 4, 5, 8, 10
Resource Stewardship and Governance
SDG 6, 12
Stakeholder engagement
8 groups| Stakeholder group | Channels | Frequency | Key topics raised |
|---|
Targets and performance
Restated 2021 baseline vs CY2025| KPI | 2021 baseline | CY2025 | Change | Target / forward position | Capital |
|---|---|---|---|---|---|
| GHG emission intensity (tCO2e/t) | 0.63 | 0.59 | −6.3% | 0.59 tCO2e/t by 2028 (−29% vs 2021); original target, to be restated¹ | Natural; Financial |
| GHG emissions, Scope 1+2 | 5.81 Mt | 6.10 Mt | +5% | BAU trajectory under recalibration¹ | Natural |
| Energy intensity (GJ/t) | 9.24 | 7.88 | −15% | 8.72 GJ/t by 2030 (−36% vs 2021); original target, to be restated¹ | Natural; Financial |
| Water withdrawal intensity (m³/t), incl. / excl. agriculture | 38.03 / 7.49 | 27.38 / 6.48 | −28% / −13.5% | 7.42 m³/t by 2030 (−44% vs 2021), excl. agriculture; original target, to be restated¹ | Natural; Manufactured |
| LTIFR (per million hours) | 0.54 | 0.21 | −61% | 0.24 by 2030 | Human |
| TRIFR (per million hours) | 1.03 | 0.73 | −29% | 0.32 by 2030 | Human |
| Work-related fatalities | – | 1 | – | Zero annually | Human |
| Waste intensity (kg/t) | 9.76 | 7.29 | −25% | 4.75 kg/t by 2030 (−75% vs 2021); original target, to be restated¹ | Natural |
| Community investment | – | ~USD 4.5M | met | At least USD 4.5M annually | Social & Relationship |
¹ The 2021 environmental baseline was restated for acquisitions and divestments. Original targets are shown as previously published, for reference; recalibrated targets and the decarbonization pathway are expected in the next reporting cycle.
04 · Climate
Decoupling growth from emissions
Production rose 12.2% to 10.35 Mt between 2021 and 2025 while Scope 1+2 emissions rose 5.1% to 6.1 MtCO2e. Climate change is the highest-priority material topic on both impact and financial dimensions.
Five-year GHG performance
GRI 305-1, 305-2, 305-4 · Scope 2 location-based · restated boundary
4.83MtScope 1 · 79% of S1+2
1.27MtScope 2 · 21% of S1+2
What would 2025 emissions have been at 2021 intensity?
0.63intensity applied
6.51MtCO2e implied
+0.4Mt vs actual 6.10
At restated 2021 intensity, CY2025 emissions would have been about 6.51 Mt, roughly 0.4 Mt above actual. The report treats this as an indicator of efficiency improvement, not as verified project savings.
Decarbonization Roadmap: three levers
Board-approved · USD 130M · ~1.2 MtCO2e/yr by 2028Roadmap progress to end-2025
From identified opportunity to implemented engineering
Annualized abatement implemented440 / 1,200 kt
Cumulative investmentUSD 45 / 130 M
Four major projects at full implementation780 / 1,200 kt
The Roadmap prioritizes direct operational, energy and technology interventions over carbon credits. The 1.2 Mt figure is the intended scale of the engineering program, not an offset against reported inventory.
Scope 3: 18.8 MtCO2e in CY2025
Boundary: 18 of 20 entitiesUse of sold products (Cat. 11) is 83.5%; the top three categories make up ~97%. Reported Scope 3 was ~3% below CY2024 (19.3 Mt), though boundaries differ year to year.
Scope 3 covers 18 entities. Indorama Corish Farming (ICF, incorporated July 2025) and F.E. Indorama Agro (IAL) do not report Scope 3, so they sit outside this inventory but inside the 20-entity Scope 1 and 2 boundary.
CBAM
Definitive regime from 1 January 2026
Emissions monitoring, validation and reporting were strengthened at fertilizer operations in the Caucasus and Central Asia, with data support for EU customers and importers.
CCS pilot · Rustavi Azot, Georgia
Initial CO2 injection pilot completed
CO2 from the ammonia–urea complex was injected into a nearby geological formation with external partners. Results are being evaluated; reservoir characterization, independent verification and regulatory approval would precede any scale-up.
Sustainable finance
Sustainability Finance Framework with DNV Second Party Opinion
Four instrument types: green, social, transition and sustainability-linked, aligned with LMA/APLMA/LSTA and ICMA principles.
Climate risk and opportunity
IFRS S2 · GRI 201-2 · 7 business units assessedModeled carbon-pricing exposure under IEA APS
Cumulative anticipated financial impact, USD million · selected business units assessed
Under the IEA Announced Pledges Scenario (APS), climate scenario analysis estimates cumulative carbon-pricing exposure of approximately USD 69.6 million by 2030, USD 169.8 million by 2040 and USD 295.3 million by 2050 across the selected business units assessed. Indorama's Decarbonization Roadmap, together with potential longer-term emissions-reduction initiatives, is expected to help manage future carbon-pricing risks; the extent of mitigation will depend on actual emissions reductions, evolving carbon-pricing policies and additional decarbonization measures. These projections are scenario-dependent estimates and do not represent committed future expenditure.
Physical
Six priority hazards: riverine, urban and coastal flooding, extreme heat, water stress, cyclone/wind. Flood exposure is higher in Bangladesh, India and Georgia; water stress is growing in Central Asia and MENA.
Transition
Driven by EU ETS and CBAM, tightening efficiency rules and potential fossil-fuel subsidy reform. Managed through multi-scenario capital allocation and relationships with development finance institutions and commercial banks.
Opportunity
Operational efficiency projects generated more than USD 100M in net savings in 2025 and, along with other decarbonization efforts, led to 440,000 tCO2e of emission reductions.
04 · Environmental Management
Energy, water, waste and air
ISO 14001 environmental management systems at 15 sites. Explore the five-year series for each resource below.
Decoupling index
Recognition in 2025
India · Group
CII Sustainability Award, Certificate of Commendation
India · Haldia
ICC Environment Excellence Award, highest Platinum category
Indonesia · IRS–IRT
PROPER Award, Blue category
Uzbekistan · IKF
Certificate of Appreciation, Public Safety & Community Partnership
India · Baddi (IIB)
CII Award, 7th National EHS Competition
India · Baddi (IIB)
APEX India Green Leaf, Platinum for overall ESG practices
05 · Safety, Health & Well-being
LTIFR halved; one life lost
LTIFR improved from 0.44 to 0.21 and total recordable injuries fell 41% (110 to 65). One contractor fatality occurred; the investigation led to strengthened critical-risk controls.
Zero Harm
Every employee and contractor home safely, every day
Site safety committees review performance monthly; consolidated results go to the Board quarterly. The OHS system is informed by ISO 45001:2018, and workers may stop work they believe presents an imminent, serious risk.
−52%LTIFR, 2024 → 2025
−41%recordable injuries (110 → 65)
+36%safety training hours vs 2024
Injury frequency per million hours, with 2030 targets
GRI 403-9 · SASB RT-CH-320 · Group level
~449ksafety training hours, all employees and contractors (2024: 272k+)
7,100+training sessions, up ~50% on 2024; participation +56%
728safety audits
328emergency-response drills
473near-misses reported (2024: 487)
0fatalities from work-related ill health; 2 recordable illness cases
Process safety
HIRA, HAZOP, LOPA and Kiken Yochi
Formal PSM program including management of change and mechanical integrity. Physical climate hazards are being built into site HAZOP and LOPA reviews.
Safe Together
Contractor-safety program
Common induction, engagement and site accountability for contractors. Safety expectations built into Tier 1 supplier processes.
Safety in Motion · to 2030
Zero fatalities, LTIFR 0.24, TRIFR 0.32
Mental-health resources mapped by country by end-CY2026, then a Group strategy with time-bound milestones. Heat-stress baseline for CY2026 disclosure.
06 · People and Human Capital
25,215 people in 10 countries
Women are 33% of employees and 48% of new hires. Learning consolidated on Disprz for the first time, at 9.9 hours per permanent employee.
3,309new hires (1,720 men, 1,589 women)
20.6%turnover (men 17.0%, women 27.8%)
225,918learning & development hours
11,375non-employee workers engaged, mainly project contractors (GRI 2-8)
Inclusion and leadership in action
Case studies
Adfert · Brazil
Mulheres Conectadas
Launched January 2025: 47 female employees in an open forum to build networks and amplify women's voices.
Group · Leadership
Strategic Acumen program
41 senior leaders from eight countries in the inaugural online program; four Leadership Effectiveness workshops reached 70+ managers.
07 · Communities and Social Investment
Together toward inclusive futures
About USD 4.5 million across ~300 projects reaching ~700,000 beneficiaries. The six priority themes account for USD 3.14M; the balance is in-kind, chiefly free community water and related medical consultations at one of the Group’s operations.
Farmer engagement · reported separately from CSR
361,766 farmer engagements
31,997soil samples tested
29model farms established
81,725digital connections
5,432field demonstrations
35,717farmers at field days
454 · 83retailer trainings · agri fairs
From input to impact
GRI 413-1 · 203-1 · 203-2Inputs
~USD 4.5M
Cash and in-kind across ~300 projects, Group oversight with local delivery.
Activities
6 priority themes
Health, education, water, infrastructure, income generation, community engagement.
Outputs
25 km pipeline
Community water for 60+ villages and ~10,700 households; Okerrewa Health Center with surgery theater, laboratory and pharmacy.
Outcomes
124 graduates earning
Nigerian livelihood graduates earning within six months (monthly earnings up ~50–100%); 27 women in India self-employed.
Impact
Not yet measured
Longer-term impact measurement is being standardized across operating companies.
08 · Supply Chain and Product Stewardship
A first dedicated view of the value chain
Disclosures cover entities where systems are most mature. Group-wide consolidation follows the phased SAP rollout targeted for 2027. No confirmed child or forced labor incidents were reported in CY2025.
ECOModa100 recycled spandex · cradle-to-gate LCA
Versus conventional virgin spandex
Global warming potential−83%
17% of virgin
Primary energy demand−71%
29% of virgin
Blue-water consumption−38%
62% of virgin
ECOModa100Virgin spandex = 100%
Made from pre-consumer manufacturing waste. RCS 100 certified and EU REACH compliant.
Neem-coated urea
~75%of cradle-to-grave GHG arises at field application
DAP fertilizer
~86%of cradle-to-gate GHG from phosphoric acid and ammonia feedstocks
Blue ammonia + CCS
~70%lower GHG intensity than grey ammonia (cradle-to-gate)
NBPT urease inhibitor
837ktCO2e avoided (Adufertil), reported outside the inventory
External standards and recognitions
| Type | Standard / recognition | Business unit | Focus |
|---|---|---|---|
| Certification | OEKO-TEX® STANDARD 100, Product Class I | FE Indorama Kokand Textile / IRS | Product safety |
| Certification | USTERIZED® | FE Indorama Kokand Textile / IRS | Yarn quality |
| Certification | Recycled Claim Standard (RCS 100) | IIB / ECOModa100 | Recycled content |
| Compliance | EU REACH | IIB / ECOModa100 | Regulatory |
| Audit | Inditex Social Audit | IIB | Social compliance |
| Assessment | EcoVadis Committed Badge | Adufertil | Sustainability |
| Disclosure | CDP (Climate D, Water C) | Adufertil | Climate & water |
| Membership | ANDA | Adufertil | Industry |
Priorities ahead
Risk-based environmental and human-rights due diligence for suppliers, more primary Scope 3 data, and wider use of LCA, product carbon footprints and EPDs. Adufertil has started an EPD for its fertilizer-additive portfolio.
Data · KPI Explorer
Search the key indicators
Every headline indicator in one table, with its GRI reference and whether it falls inside TÜV India's limited-assurance scope.
| Indicator | Unit | 2021 | 2024 | 2025 | Reference | Assured |
|---|
Independent assurance
2025 limited assurance at a glance
Selected ESG disclosures were independently assured by TÜV India under ISAE 3000 (Revised), with the GHG statement assured under ISAE 3410.
20entities in the CY2025 reporting boundary
Limitedlevel of assurance, with the conclusion expressed in negative form
2 + 2sites verified on-site (Jagdishpur, Haldia) and remotely (IPL, IFL Nigeria), with desk review of the remaining sites
28GRI disclosures within the assured scope, listed below
GRI disclosures within the assurance scope
Opportunities for improvement identified in the engagement
Summarized by Indorama.
Climate targets and decarbonization.Building on the Board-approved Decarbonization Roadmap, review and recalibrate existing targets across GHG emissions, energy, water and waste, several of which have been achieved or are nearing achievement, and set more ambitious, longer-term targets beyond 2030.
Source-level GHG mapping. Progressively extend source-level GHG mapping across operating locations to sharpen hotspot identification and prioritize mitigation.
Value-chain (Scope 3) coverage.Building on existing Scope 3 reporting and supplier engagement, further increase the use of primary data across relevant categories.
Human-rights due diligence. Building on existing commitments, site-level labor-management processes and grievance mechanisms, further strengthen and formalize the Group-wide due-diligence approach with reference to the UN Guiding Principles.
Data management and assurance readiness.Continue strengthening centralized ESG data-management processes, including evidence trails and periodic internal reviews, to enhance traceability, consistency and assurance readiness across operating locations.
This page provides a summary of the independent assurance engagement. The complete scope, methodology, limitations and assurance conclusion should be read in the Independent Limited Assurance Statement issued by TÜV India.