Nestle to invest 2 billion Swiss francs in recycled plastics

By: |
Published: January 16, 2020 4:07:28 PM

Nestle also said in a statement it would reduce its use of virgin plastics by one third over the next five years and would set up a venture fund with 250 million Swiss francs to invest in start-up companies working in the recycling sector.

Nestle, Swiss francs, recycled plastics, Nespresso coffee, Smarties chocolates, Unilever, McDonald, europe“No plastic should end up in landfill or as litter,” Nestle chief executive Mark Schneider said in the statement. (Reuters photo)

Swiss food giant Nestle said Thursday it would invest 2.0 billion Swiss francs (1.8 billion euros, $2.1 billion) over five years to cut its use of virgin plastics in favour of food-grade recycled plastics. The company, whose brands include Nespresso coffee, Vittel water and Smarties chocolates, also plans to invest in new types of sustainable packaging to meet its target of making all its packaging recyclable or reusable by 2025.

Nestle also said in a statement it would reduce its use of virgin plastics by one third over the next five years and would set up a venture fund with 250 million Swiss francs to invest in start-up companies working in the recycling sector.

To create a market for recycled plastics, it said it would source up to 2 million metric tons of food-grade recycled plastics and allocated more than 1.5 billion Swiss francs to pay a premium for the material between now and 2025. “No plastic should end up in landfill or as litter,” Nestle chief executive Mark Schneider said in the statement.

Major corporations, often criticised by campaigners for putting profit before the environment, are trying to respond to growing pressure from consumers for more responsible practices. Food and cosmetics giant Unilever announced last September that it will cut its use of new plastic in packaging by half by 2025, acknowledging that the move was partly aimed at young, more environmentally conscious customers.

Fast food giant McDonald’s pledged in October to speed up moves to minimise the use of plastic in its restaurants in Europe. “Making recycled plastics safe for food is an enormous challenge for our industry. That is why in addition to minimising plastics use and collecting waste, we want to close the loop and make more plastics infinitely recyclable,” said Nestle’s Schneider.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1CCI orders probe against Asian Paints’ alleged threat to JSW Paint dealers
2LIC Housing Finance launches offers to push sale of completed units
3Offer contactless card payments only if opted for: RBI to banks