Nestle to invest up to 2 billion Swiss francs to shift to recycled plastics

Environment

FILE PHOTO: A logo is pictured during the 152nd Annual General Meeting of Nestle in Lausanne, Switzerland April 11, 2019. REUTERS/Denis Balibouse

ZURICH (Reuters) – Food giant Nestle (NESN.S) said on Thursday it would invest up to 2 billion Swiss francs ($2.07 billion) to source more recycled plastics to package its products.

Nestle will allocate more than 1.5 billion francs pay for the extra cost of food-grade recycled plastics and will also launch a 250 million franc sustainable packaging venture fund, the maker of KitKat chocolate bars and Maggi soups said in a statement.

The company, whose packaging is regularly blamed for polluting oceans and landfills, has vowed to make 100% of its packaging recyclable or reusable by 2025. It said on Thursday it would reduce its use of new plastics by one third in the same period.

Reporting by Silke Koltrowitz

Articles You May Like

Break up big tech’s ‘monopoly’, smaller rivals tell Congress hearing
SpaceX capsule splashes down after rocket failure test
Thousands of armed U.S. gun rights activists join peaceful Virginia rally
Farming family faces bleak future after deadly Australian bushfires
Deep-sea microbe sheds light on primordial evolutionary milestone

Leave a Reply

Your email address will not be published. Required fields are marked *