Food giant Nestle said today it would invest up to 2 billion Swiss francs (€1.9 billion) to source more recycled plastics to package its products.
Nestle said it 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.
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 today it would reduce its use of new plastics by one third in the same period.
"No plastic should end up in landfill or as litter," said Mark Schneider, CEO of Nestlé.
Mr Schneider said that making recycled plastics safe for food is an enormous challenge for the 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," he said.
"We are taking bold steps to create a wider market for food-grade recycled plastics and boost innovation in the packaging industry," he added.