Friday, August 23, 2019
Home Recycling Nestlé Waters invests $6m in Closed Loop Fund

Nestlé Waters invests $6m in Closed Loop Fund

Nestlé Waters North America is investing $6 million as part of a shared effort among business, government and community partners to fund comprehensive recycling infrastructure and programs in cities across the United States.

Nestlé Waters will join the ranks of some of the world’s largest companies as part of Closed Loop Fund – a $100 million social impact investment fund committed to finding a national solution to the critical recycling gap in the US.

The fund also includes Coca-Cola, Pepsico and Unilever, among many others.

The US Environmental Protection Agency (EPA) estimates that 75% of the waste stream in the US is recyclable, but only 30% actually gets recycled.

Aside from the environmental impacts, municipalities and businesses in the US spent over $5 billion in 2015 disposing of waste in landfills. Much of this waste, such as PET plastic, is in demand among manufacturers as raw material for everything from textiles to packaging.

“The United States has one of the lowest recycling rates of any industrialized country, but it doesn’t have to stay that way. The US has an opportunity to lead the way in recycling, while creating jobs, economic growth, and a more sustainable future,” said Nelson Switzer, Chief Sustainability Officer at Nestlé Waters North America.

He added: “As a company, we are on a very deliberate journey toward zero landfill waste in our products and operations, so I can think of no better opportunity than working collectively to ensure these recyclable materials are transformed from garbage to the valuable resources that they are.”

To date, Closed Loop Fund has diverted more than 100,000 tons of recyclable content, and the 11 projects currently funded are poised to divert 4 million tons by 2025.

Image credit: Shutterstock.com/ TZIDO SUN