Tuesday 8 September 2020

Nestlé announces $30m closed loop investment

Nestlé has announced a $30 million (£22.8m) investment that aims to upgrade US recycling infrastructure and secure access to recycled plastics.

That is the first scheme from the company's sustainable packaging venture fund, which is part of an overall investment of up to £1.6 billion to accelerate the development of innovative sustainable packaging solutions.

Véronique Cremades-Mathis, Global Head of Sustainable Packaging, Nestlé, said: "This investment is one of many solutions we are exploring to address the global plastic waste challenge.

"It will help create a more sustainable recycling system and, at the same time, assist us in achieving our commitment to reducing our use of virgin plastics by one third by 2025."

According to the US Environmental Protection Agency, the US recycling rate for all materials, including plastics, is around 25%.

Environmental groups have previously voiced doubts over the food giant's practices regarding sourcing the palm oil it uses for its products.