Nestlé: to invest billions in plastic recycling
(CercleFinance.com) - Nestlé has committed itself to investing 2 billion Swiss francs (about 1.
9 billion euros) to create a circular economy for plastics, aiming at cutting the use of first-use plastic in its packaging by one third by 2025.
In practice, the Swiss agri-food giant said it will source up to 2 million metric tonnes of food-grade recycled plastics and will allocate over 1.5 billion Swiss francs (around 1.4 billion euros) to pay a premium for these materials between now and 2025.
"No plastic should end up in landfill or as litter," CEO Mark Schneider said in a statement.
The Vevey-based company also plans to launch a 250 million Swiss franc venture fund (230 million euros) to invest in start-up companies that focus on sustainable packaging.
For the record, last year Nestlé committed itself to making 100% of its packaging recyclable or reusable by 2025.
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