Nestle to invest up to $2.08bn in sustainable packaging
Topics: NESTLE SUSTAINABLE PACKAGING
Nestle will reduce its use of virgin plastics by one third in the same period while working with others to advance the circular economy.
According to Nestle, most plastics are difficult to recycle for food packaging, leading to a limited supply of food-grade recycled plastics.
To create a market, the company will commit to sourcing up to 2 million metric tons of food-grade recycled plastics and allocating more than CHF 1.5 billion ($1.56 billion) to pay a premium for these materials between now and 2025.
As well as its in-house research through the Nestle Institute of Packaging Sciences, the company will launch a CHF 250 million ($259.5 million) sustainable packaging venture fund to invest in start-up companies that focus on areas such as packaging innovation, refill systems and recycling solutions. ■