Food and beverage firm giant PepsiCo has joined as a core partner in the three-year New Plastics Economy initiative, which brings together key stakeholders to rethink and redesign the future of plastics, beginning with packaging.
Pepsico said its participation in the initiative reflects its continued commitment to reduce packaging waste.
The initiative, led by the Ellen MacArthur Foundation, aims to create a more sustainable global plastics value chain through the joint efforts of industries, governments, NGOs, scientists, students and citizens.
PepsiCo's participation in the initiative adds up to its previously announced goals to make 100% of its packaging recoverable or recyclable by the year 2025. It also furthers its objective to partner to enhance packaging recovery and recycling rates.
The goals, which are part of PepsiCo's Performance with Purpose vision, are expected to deliver financial performance at the top-tier through the long run by incorporating sustainability into its business strategy.
PepsiCo vice chairman and Global Research and Development chief scientific officer Mehmood Khan said: "PepsiCo is committed to taking aggressive action to promote sustainability within our direct operations, while also acting far beyond our own walls through collaboration with others.
"Unlocking new packaging material innovation and increasing consumer recycling rates requires strong partnership across the public and private sectors. The New Plastics Economy initiative is an important step towards creating a more sustainable packaging ecosystem and we are delighted to be a core partner."
Apart from its involvement in the New Plastics Economy, the beverage giant is undertaking other initiatives to tackle packaging waste. Among those is its agreement with Danimer Scientific in March for developing biodegradable film resins for thin film packaging.
The company was also a founding member of the Closed Loop Fund which is funding $100m to increase recycling rates in the US by enhanced curbside recycling, materials processing among others.