Talks are under way in Geneva this week on a possible global treaty to reduce plastic pollution. Meanwhile, several major consumer goods companies are falling short of earlier pledges to increase the recycled content in their packaging, reported Bloomberg
A BloombergNEF (BNEF) report released on 31 July said Coca-Cola and PepsiCo have revised their targets. Both companies had previously aimed to use 50% recycled material in their packaging by 2030. Coca-Cola is now targeting at least 35% by 2035, while PepsiCo aims for a minimum of 40% by the same year. Other food, personal care and cosmetics brands are also off track to meet 2025 targets, according to BNEF. Both Coca-Cola and PepsiCo declined to comment.
Limited supplies of suitable recycled plastic remain a key challenge. While plastic waste is abundant, collection and sorting systems often fail to capture enough material for reuse, said BNEF analyst Kirti Vasta. Investment in recycling infrastructure is growing, with $7.1 billion committed to new plastic recycling and bioplastics projects in 2024.
Chemical, or advanced, recycling is one emerging option. It can handle a wider range of plastics than traditional methods, including Styrofoam and single-use films. Global capacity is currently about 700,000 tonnes, concentrated mainly in China and the United States. In 2024, ExxonMobil invested $200 million to expand chemical recycling in the US. However, BNEF expects the pace of new project announcements to slow, which could limit capacity growth.
Talks on a global plastics treaty stalled in 2023 when major producing countries such as Saudi Arabia and Russia opposed proposals to cap production. They argued that the focus should instead be on improving waste collection and recycling. Some organisations have questioned whether recycling alone can address the problem, suggesting that reducing the production of new plastics should also be part of the solution.
In the absence of a treaty, national measures are moving ahead. In 2024, China created a state-owned enterprise dedicated to resource recycling. Meanwhile, Canada has introduced a national plastics registry requiring companies to report material use throughout its life cycle, and the United Kingdom will require businesses to cover more of the cost of recycling their packaging.
