Dr Pepper Snapple Group (DPS) has committed to collaborate with the industry, government and other community partners to achieve a beverage container recycling rate of 60% by 2030.
To bolster its commitment, the company is entering into a new partnership and continuing an existing one to improve access to recycling across the US.
Over the next decade, the company is planning to invest $5m in the Closed Loop Fund, thereby joining several firms’ supporting efforts to improve post-consumer recycling by providing critical funding for recycling infrastructure.
The company will also extend its association with Keep America Beautiful through a new three-year, $1m commitment in order to continue its efforts to set up recycling bins in public parks.
Dr Pepper Snapple government affairs and sustainability director Kelly Smith said: "Making a meaningful and sustainable reduction in the amount of plastic and other recyclable material in the waste stream requires convenient options for consumers to recycle, as well as the capacity to process those materials at the community level.
"Our investment in the Closed Loop Fund and our continuing partnership with Keep America Beautiful give us a way to address both of those needs and put us on the path toward achieving a substantial increase in the container recycling rate over the long term."
The Closed Loop Fund was set up in 2014 as social impact investment fund.
Over the next decade, the fund plans to invest $100m through zero-interest loans to cities and below market loans to firms for recycling infrastructure.
Closed Loop Fund managing director Rob Kaplan said: "Closed Loop Fund members are collectively acting to make significant investments that will improve recycling, save taxpayer money, create jobs and support the environment at scale across the US.
"DPS is joining an elite group of corporate recycling leaders, and we are thrilled they are the first new investor in 2016. Their commitment and expertise will add great value to our team and communities around the country."
DPS’ participation in the Closed Loop Fund and its collaboration with Keep America Beautiful are intended to bolster its efforts to minimise the amount of packaging material that ends up in landfills.
Through its package lightweighting initiatives undertaken since 2007, DPS claims to have currently removed more than 75 million pounds of plastic from the waste stream.
The company also claims to recycle more than 85% of the solid waste, which gets generated at its manufacturing facilities.
Image: DSP furthers its commitment to enhance container recycling rate. Photo: courtesy of Natara via FreeDigitalPhotos.net.