Taking an important step towards achieving its 2018 commitment to make all of its packaging recyclable or reusable by 2025, Nestle is planning to invest a whopping $2.07 billion to boost new sustainable packaging solutions and create a stronger market for food-grade recycled plastics.
Nestle expects to reduce the use of virgin plastics by one third during that same period while collaborating with others on advancing the circular economy — and cleaning plastic waste from oceans, lakes, and rivers.
“Most plastics are difficult to recycle for food packaging, leading to a limited supply of food-grade recycled plastics,” the company said. In response, Nestle committed to sourcing as many as 2 million metric tons of food-grade recycled plastics, and allocated more than $1.55 billion to pay a premium for those materials between now and 2025.
To keep the initiative earnings-neutral, Nestlé says it intends to pursue operational efficiencies.