Indorama missed its 2025 targets for emissions intensity and recycled PET input, with PET input reaching only 61% of target. Rather than a coupon step-up, the bonds now require a combined THB9.5 million remedy in carbon credits or Energy Attribute Certificates.
How closely that remedy matches the actual shortfall depends on the price and quality of credits purchased, and for the recycling target, it does not directly address the metric.
A third target, for renewable electricity by 2030, remains untested, with 2025 progress at 7.68%, trailing Indorama's own 10% interim milestone.
