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

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