PURCHASE, N.Y., May 17, 2017 /PRNewswire/ -- PepsiCo has joined the New Plastics Economy initiative as a Core Partner, signaling the global food and beverage company's continued commitment to reduce packaging waste.

Led by the Ellen MacArthur Foundation, the New Plastics Economy is bringing together industry, government, NGOs, scientists, students and citizens to build a more sustainable global plastics value chain.

PepsiCo's participation in the initiative supports the company's previously announced goals to strive for 100% of its packaging to be recoverable or recyclable by 2025 and to partner to increase packaging recovery and recycling rates. These goals are part of PepsiCo's Performance with Purpose vision to deliver top-tier financial performance over the long run by integrating sustainability into its business strategy.

"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," said Mehmood Khan, PepsiCo's Vice Chairman and Chief Scientific Officer of Global Research and Development.  "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."

PepsiCo's involvement in the New Plastics Economy is one of a series of collaborations the company is already undertaking to tackle packaging waste:

• PepsiCo announced an agreement with biotechnology leader, Danimer Scientific in March 2017, on the development of biodegradable film resins for thin film packaging.
• PepsiCo, through the PepsiCo Foundation, was a founding member of the Closed Loop Fund, which is investing $100 million to raise recycling rates in the United States, including through improved curbside recycling and materials processing.
• PepsiCo Recycling works with schools K-12, college and university campuses and local communities in the United States through various programs and initiatives to boost recycling infrastructure and raise awareness. In the almost 4000 schools that PepsiCo Recycling has partnered with since 2010, 93 million cans and bottles have been recycled and over $1 million in prizes and incentives has been distributed to participating schools.

About PepsiCo

PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated approximately $63 billion in net revenue in 2016, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.

At the heart of PepsiCo is Performance with Purpose – our fundamental belief that the success of our company is inextricably linked to the sustainability of the world around us. We believe that continuously improving the products we sell, operating responsibly to protect our planet and empowering people around the world is what enables PepsiCo to run a successful global company that creates long-term value for society and our shareholders. For more information, visit www.pepsico.com.

The New Plastics Economy initiative

The New Plastics Economy is an ambitious, three-year initiative to build momentum towards a plastics system that works. Applying the principles of the circular economy, it brings together key stakeholders to rethink and redesign the future of plastics, starting with packaging. The initiative is led by the Ellen MacArthur Foundation in collaboration with a broad group of leading companies, cities, philanthropists, policymakers, academics, students, NGOs, and citizens.

The initiative is supported by Wendy Schmidt as Lead Philanthropic Partner, and MAVA Foundation, Oak Foundation, and players of People's Postcode Lottery (GB) as Philanthropic Funders.

Learn more at www.newplasticseconomy.org | @NewPlasticsEcon

SOURCE PepsiCo