Two food and drink giants will put millions more into an effort aimed at recycling polypropylene foodservice products, among other sustainability efforts.
Investment management firm Closed Loop Partners announced that Starbucks and McDonald’s are committing another $10 million to the NextGen Consortium. The two companies are already founding members of the consortium, which has initially supported development of reusable cups to replace single-use hot and cold fiber cups at restaurants and coffee shops.
Part of the money will help the NextGen Consortium address a challenge in foodservice waste: PP recycling.
“The Consortium’s increased focus on PP is driven by the growing demand for recycled PP in foodservice packaging, and the need to optimize recycling infrastructure to capture the material,” according to a press release from Closed Loop Partners.
The release noted that last year the NextGen Consortium joined The Recycling Partnership’s Polypropylene Recycling Coalition, which provides grants to materials recovery facilities (MRFs) to help them effectively sort and recover PP.
According to the release, the Coca-Cola Co. also increased its existing financial commitment to the consortium. And JDE Peet’s, Wendy’s and Yum! Brands decided to continue their participation in the consortium.
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