In an attempt to reduce the use of virgin plastics. The Swiss largest food and beverage company Nestle has announced that “It will invest 2 billion Swiss francs ($2.1 billion US dollars) in the next five years to favor of food-grade recycled plastics.”
In a statement, the company said “Building on Nestle’s 2018 commitment to make 100% of its packaging recyclable or reusable by 2025.”
“The Company will reduce its use of virgin plastics by one third, and will whilst working with others to advance the circular economy and endeavor to clean up plastic waste from oceans, lakes, and rivers,” the statement stated.
Continuing to the statement, Nestle said, “The company will outsource 2 million metric tons of food-grade recycled plastics, and will allocate more than 1.5 billion CHF as a premium to pay for these materials between now and 2025.”
“Nestle will seek operational efficiencies to keep this initiative earnings neutral,” it added.
Adding more to the statement, Nestle further said, “As packaging innovation, refill systems, recycling solutions, including new materials will be the key challenge.”
“The company will also launch the ‘CHF 250 million’ sustainable venture funds to invest in the startup companies that focus on these areas.” it added.