PepsiCo Spent $200 Million In Recycled PET Plastic Purchases
Earlier in October last year, the beverage major had issued its first ever Green Bond- a $1 billion offering that is aimed at advancing the company’s ambitious sustainability agenda.
SEATTLE (Scrap Monster): The Green Bond update report published by PepsiCo states that the company has spent nearly $200 million of its Green Bond to purchase recycled PET plastic. The amount was utilized towards buying several hundred million pounds of rPET between 2017 and 2019.
Earlier in October last year, the beverage major had issued its first ever Green Bond- a $1 billion offering that is aimed at advancing the company’s ambitious sustainability agenda. As of end-2019, the company had allocated around $447 million from the fund. The report notes that roughly 45% of the allocated money so far, has been utilized towards procurement of rPET for its North American beverage packaging. Partners
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In addition, the company has also spent more than $110 million to help transition the company-owned fleet to low-carbon models, $98 million to construct a green R&D facility in Valhalla, New York. Also, a sum of $9 million was spent towards improving water-efficiency in company facilities in the region.
The above RPET purchases has increased the company’s global average packaging recycling content by 1% from 3% in 2018 to 4% in 2019. PepsiCo aims to achieve 25% recycling content by 2025.
The Green Bond update reiterated the company’s commitment to invest the proceeds from the offering in various ‘Eligible Green Projects’.
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