By Olamide Francis
Nestlé has announced that it will invest CHF 2 billion (₦886,620,437,200.00) to produce food-grade recycled plastics to packaging its products and expedite innovation by launching a CHF 250 million ( ₦ 1 1 0 , 8 3 0 , 3 1 8 , 0 0 0 . 0 0 ) investment in start-up companies as a sustainable packaging venture fund.
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The Global foods and beverages giant said this initiative is aimed at actualising the net zero emission goal and to count for its 2025 short efforts towards the fruition of the 2050 net-zero greenhouse gas emissions vision.
Emphasizing on the need for this, Mark Schneider, CEO of Nestlé, said: “No plastic should end up in landfill or as litter.”
According to him, the challenges attached to making recycled containers are gearing the company into action, while imploring others to join in the quest.
“Making recycled plastics safe for food is an enormous challenge for our industry. That is why in addition to minimizing plastics use and collecting waste, we want to close the loop and make more plastics infinitely recyclable.
“We are taking bold steps to create a wider market for food grade recycled plastics and boost innovation in the packaging industry. We welcome others to join us on this journey,” he said.
Commenting, CEO, Ellen MacArthur Foundation, Andrew Morlet, expressed his delight, especially on how it will positively impact the environment.
“We are pleased to see Nestlé commit a CHF 2 billion investment toward creating a circular economy for plastics, alongside a reduction of its use of virgin plastic in packaging by one third by 2025.”