VEVEY (dpa-AFX) - Nestlé said that it will invest up to 2 billion Swiss francs to lead the shift from virgin plastics to food-grade recycled plastics.
The company said it will reduce its use of virgin plastics in packaging by one third by 2025. It is also working with others to advance the circular economy and endeavor to clean up plastic waste from oceans, lakes and rivers.
Nestlé is committed to sourcing up to 2 million metric tons of food-grade recycled plastics and allocating more than 1.5 billion francs to pay a premium for these materials between now and 2025. It will seek operational efficiencies to keep this initiative earnings neutral.
The company will also launch a 250 million francs sustainable packaging venture fund to invest in start-up companies that focus on packaging innovation, including new materials, refill systems and recycling solutions.
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