A group of nine major corporations has started a $100-million recycling fund that will help finance projects designed to increase recycling rates.
Announced by Walmart, the Closed Loop Fund will be formed by nine core firms, including The Coca-Cola Company, Goldman Sachs, Johnson & Johnson Family of Consumer Companies, Keurig Green Mountain Inc., PepsiCo and the PepsiCo Foundation, Procter & Gamble, SC Johnson and Unilever.
“This group of companies is coming together because we jointly face a system problem: Recycling rates are stagnant, and we can't get enough recycled material in packaging and products,” a statement by Walmart reads.
Details are sparse at this point, but the group is calling on the “rest of our peers and competitors to join us on this journey.” They will be announcing full commitments in the coming months, and believe this goal will result in the following outcomes:
- Create economic value for cities by reducing landfill disposal fees and increasing revenue from the sale of recyclable commodities.
- Create local jobs and community engagement
- Increase supply and use of affordable post-consumer recycled (PCR) materials in consumer goods
- Preserve our natural resources
- Facilitate innovative private sector investment to support recycling.