Dive Brief:
- Unilever and Procter & Gamble are participating in a program created to tackle issues surrounding waste diversion.
- The companies joined the Closed Loop Fund, a multi-stakeholder program that aims to invest $100 million into recycling programs.
- The fund seeks to boost recycling rates across the U.S. by offering zero-interest loans to cities to help start recycling programs. In addition, the group will give below-market loans to private companies to develop local recycling infrastructures.
Dive Insight:
Jonathan Atwood, the vice president of sustainability at Unilever, and Len Sauers, the vice president of sustainability at Procter & Gamble, both estimated that, as part of the Closed Loop Fund, cities can make sweeping improvements in the amount of waste that is recycled and composted. They agreed that 27,000 new jobs could be created in the U.S. if the program is successful, in addition to $2 billion in savings for cities that participate.
Other companies that are part of the initiative include Coca-Cola, Keurig, Walmart, Goldman Sachs and Johnson & Johnson.