ESG & Investing
Corporate Recycling Efforts Lag as UN Seeks Treaty on Plastic
Consumer brands are struggling to reduce the amount of new plastic in their packaging, BloombergNEF research finds.
Pallets of soda wrapped in plastic in Phoenix.
Photographer: Caitlin O'Hara/BloombergWith diplomats gathered in Geneva this week to try to hammer out a treaty to reduce plastic pollution, major buyers of plastic packaging are behind on their targets to use more recycled content — and some are scaling those goals back.
Consumer brands Coca-Cola and Pepsi have both trimmed targets, BloombergNEF noted in a report released July 31. Both had pledged to use 50% recycled material in their packaging by 2030. Now Coca-Cola is aiming for at least 35% by 2035, while Pepsi intends to meet a minimum of 40% by the same year.